OMV acquires interest in offshore Madagascar block
September 2, 2013 - 09:00 am (CET)
OMV, the integrated, international oil and gas company, is to invest in an offshore exploration block west of Madagascar. OMV will acquire a 40% stake in the "Grand Prix" block from Niko Resources Ltd (Niko). This acquisition is in line with OMV’ s strategy "profitable growth" to develop a balanced Exploration & Production portfolio and opportunities also in the sub-Saharan African region.
OMV will farm-in to the area for the planned drilling of an exploration well. OMV will take over as the operator of the block prior to the commencement of drilling currently expected to be early 2015.
The deal is expected to close shortly, subject to the approval of the government of Madagascar. The other partners in the permit are Niko (35%) and EnerMad Corp (25%). The large block covers around 16,845 km2 and extends from the coast to water depths of more than 1,000 m.
Both parties have agreed not to disclose the purchase price.
With Group sales of EUR 42.65 bn and a workforce of around 29,000 employees in 2012, OMV Aktiengesellschaft is Austria’s largest listed industrial company. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.12 bn boe as of year-end 2012 and a production of around 303,000 boe/d in 2012. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 103 bcm in 2012. With a trading volume of around 528 TWh, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and as of the end of 2012 approximately 4,400 filling stations in 13 countries including Turkey. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
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