BASF's Wintershall oil and gas exploration subsidiary has signed a memorandum of understanding (MOU) with the National Iranian Oil Co. (NIOC), it said on April 12, confirming a media report.

"In order to prepare for possible further activities in the region, Wintershall recently signed an MOU with NIOC about a potential future cooperation," the Kassel, Germany-based firm said in a statement.

Details were subject to confidentiality, it said.

Iranian news agency Shana had said the two companies wanted to study four oil fields in western Iran.

Wintershall has mentioned it is interested in developments in Iran, where international sanctions have been lifted; Iran is seeking foreign investment.