The group had previously signed a cooperation deal with the National Iranian Oil Company (NIOC) for developing the field.

The document entails putting together a master development plan (MDP) by the Austrian company for developing the field, head of IDRO Executive Board Mansour Mo'azzami said.

HOT is a leading E&P reservoir consultancy and knowledge transfer organisation with headquarters in Austria, branch offices in Germany, UAE and Libya and a global network of representative offices.