DNO ASA, the Norwegian oil and gas operator, today announced the signing of a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) to conduct a study concerning the development of the Changuleh oil field in western Iran. Changuleh, discovered in 1999 but never developed, is estimated to hold more than 2 billion barrels of oil-in-place. "Iran presents an obvious and exciting next step in expanding DNO's footprint in the region," said DNO's Managing Director Bjørn Dale. "Our low-cost, fast-track development strategy and our fractured carbonate reservoir experience in the Kurdistan region of Iraq can be easily applied and leveraged in Iran," he added. The Company has established a wholly owned subsidiary DNO Iran AS amid preparations to increase its presence in Iran. (DNO Website, "DNO Signs MoU to Develop Iran's Changuleh Oil Field," 11/16/2016).