Austria’s major integrated oil and gas company, OMV, has signed a preliminary agreement with Iran’s Dana Energy Co for collaboration in upstream oil and gas exploration/production sector, Financial Tribune reported.

According to Energy-pedia, the parties agreed to evaluate possible upcoming development and re-development projects in the Iranian oil and gas industry. The document was signed in Vienna by Dana’s Energy Board Member and Upstream President, Mostafa Khoee, and OMV’s Executive Board Member, Johann Pleininger, responsible for Upstream. However, neither company commented on the scale and scope of the cooperation.

The agreement is part of efforts to ease the return of foreign oil and gas majors to Iran’s  energy market after years of underinvestment and economic isolation. The Ministry hopes the link-up will help domestic firms gain expertise in E&P sector and gradually transform into recognized international oil and gas contractors.

OMV has a long lasting partnership with Iran and entered the country in 2001. Dana Energy is a private oil and gas company based in Tehran. It is active in exploration and production, upstream services and energy trading.