Norwegian oil and gas company DNO said Wednesday it signed a memorandum of understanding to examine oil field development in Iran. DNO signed an agreement with the National Iranian Oil Company to examine the possibilities for the development of the western Changuleh oil field. The Norwegian company estimates Changuleh holds more than 2 billion barrels of oil in place. Bjorn Dale, the company’s managing director, said a strong presence in neighboring Iraq meant Iran was a good match for DNO. “Iran presents an obvious and exciting next step in expanding DNO’s footprint in the region,” he said in a statement. The field, near the border with Iraq, was discovered in the late 1990s but never developed. The NIOC said development […]