Shana -- Norwegian oil and gas operator DNO ASA inked a Memorandum of Understanding with the National Iranian Oil Company (NIOC) on Wednesday to develop Iran's Changuleh oil field.

According to the cooperation document, DNO will conduct a study on development of the Changuleh oil field west of Iran.

The Changuleh field discovered in 1999 but never developed. It is estimated to hold more than 2 Bbbl of oil-in-place.

DNO ASA has established a subsidiary, DNO Iran AS to increase presence in Iran.