Austrian energy company OMV has announced it was ready to resume developing the Cheshmeh Khosh oilfield in western Iran, Press TV reported.
Already in February, OMV CEO Rainer Seele said the company was evaluating the opportunities in at least two separate oilfield development projects in Iran without naming them.
OMV is pushing to boost its upstream portfolio. Seele added that the company would use at least 90% of its investments for exploration and production through 2020.
OMV withdrew from the field in the Ilam province along with Spain’s CEPSA in 2008 when Iran was hit with the first wave of US-led sanctions. The company also left the Mehr block in western Iran, where it had struck oil.
Meanwhile, the company has stressed its future lies in Iran and Russia as the rout in crude markets makes the company’s high-cost North Sea oilfields less profitable. According to Handelsblatt, the statement was issued as OMV recorded a net loss of $1.2b in 2015, in contrast to a profit in the previous year.