OMV announces another drilling success in the Latif Block in Pakistan
May 4, 2010 - 10:00 am (CET)
- Latif North-1 well successfully found and tested additional gas
- Substantially increases Latif reserves and expected production
OMV, the leading energy Group in the European growth belt, announces additional gas reserves in the Latif Exploration License located in the Sindh Province/Pakistan. OMV is the operator and holds a 33.4% working interest in the Block. The Latif North-1 well was drilled 3 km north of the 2007 discovered Latif gas field and successfully tested 44.7 mn scf/d (approximately 7,400 boe/d) from a gas-bearing zone within the Lower Goru Formation at 3,350 meters depth. This is the best performing Latif well so far.
Latif North-1 is OMV’s 3rd drilling success in the Latif area after the Latif-1 discovery in 2007 and Latif-2 in 2008. Both wells together are currently producing 29 mn scf/d (approximately 4,830 boe/d) gas which is processed at the OMV operated Kadanwari processing plant and is provided to the local Pakistani market.
The testing results of Latif North-1 indicate a substantial increase of recoverable gas reserves. Based on this encouraging result the field development plan will include the drilling of additional wells.
The Latif gas discoveries are the result of continuous successful exploration and appraisal efforts and will enhance domestic gas production in Pakistan.
The discoveries in Latif Block and the existing infrastructure of the producing fields are located near the markets of the two Pakistani gas transmission and distribution companies, Sui Northern Gas Pipelines and Sui Southern Gas Company. The addition of new reserves through exploration activities strengthens this area as a strategic hub.
Balanced international E&P portfolio
OMV holds a balanced international E&P portfolio in 17 countries structured around six core regions, namely CEE, North Africa, Northwestern Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's daily production is approximately 317,000 boe/d and the Company’s proven reserves at the end of 2009 were approximately 1.19 bn boe.
Notes to editors:
OMV in Pakistan
OMV (Pakistan) Exploration GmbH, a 100% subsidiary of OMV, is the biggest international natural gas producer in terms of operated volumes in Pakistan. OMV is recognized for its expertise on stratigraphic hydrocarbon traps and discovered and produces from the Sawan, Miano, Tajjal and Latif fields. As the operator of the gas fields, as well as the Kadanwari and Sawan processing facilities, OMV is responsible for operating more than 525 mn scf/d (87,000 boe/d) covering approximately 13% of Pakistan’s demand for natural gas. Current total daily net production of OMV in Pakistan is about 101 mn scf/d (17,000 boe/d).
OMV Aktiengesellschaft
With Group sales of EUR 17.92 bn and a workforce of 34,676 employees in 2009, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading energy Group in the European growth belt, OMV is active in Refining & Marketing (R&M) in 12 countries. In Exploration & Production (E&P) OMV is active in 17 countries on four continents. In Gas & Power (G&P) OMV sells approximately 13 bcm gas per year. Through its 2,000 km long gas pipeline network in Austria G&P transports approximately 75 bcm gas annually. OMV’s Central European Gas Hub is with around 23 bcm annually trading volume one of the most important gas hubs in Continental Europe.
OMV has proven oil and gas reserves of approximately 1.19 bn boe, daily production of around 317,000 boe in 2009 and an annual refining capacity of approximately 26 mn t. OMV now has 2,433 filling stations. The market share of the group in the R&M business segment in the Danube Region is now 20%.
OMV further strengthened its leading position in the European growth belt through the acquisition of 41.58% of Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
In June 2006, OMV has established the OMV Future Energy Fund, a wholly owned subsidiary to support projects in renewable energy with more than EUR 100 mn to initiate the change from a pure oil and gas group to an energy group with renewable energy in its portfolio.
Sustainability
OMV is a signatory to the UN Global Compact, and an active supporter to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment, especially in economically weak regions. OMV continuously addresses economic, environmental and social issues related to its business in a responsible manner. The Company reports on its activities in a sustainability report in accordance with the Global Reporting Initiative Guidelines. This report is published at the same time as the annual report.