March 9, 2009 - 9:00 am (CET)
- Investments further strengthen OMV’s position in the Middle East core region
- E&P success contributes to Pakistan’s natural gas supply
Today OMV, the leading energy group in the European growth belt, has announced along with its joint venture partners ENI and PPL the start of the extended well test of Latif-1 located in the Latif Block – about 100 km from Sukkur in southern Pakistan’s province of Sindh. OMV’s current production in Pakistan amounts to approximately 17,000 boe/d.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: “Our investments in international exploration and production projects have once more strengthened OMV’s position as a reliable partner for energy supply. Furthermore, this success with Latif-1, contributes to the gas supply in Pakistan as well as to OMV’s position within the Middle East core region”.
As part of the fast track development, the gas is routed via a 23 km long pipeline to the Kadanwari gas plant which is operated by OMV Pakistan and has sufficient gas processing capacity left for this additional gas. The local utility company SSGCL as a gas buyer will distribute the additional gas from Latif to the southern Sindh province.
During the first three quarters of 2009 the testing gas rate from Latif-1 will be around 1,000 boe/d whereas in the fourth quarter 2009 additional gas from the second well Latif-2 will be available starting with approximately 4,000 boe/d. After the testing phase a field development plan will be submitted to the government of Pakistan for approval and will, after execution, further increase Latif gas production from 2011 onwards.
The new Latif gas reserves are the result of continuous successful exploration efforts of OMV together with its JV partners in Pakistan to enhance domestic gas production in Pakistan.
Balanced international E&P portfolio
OMV holds a balanced international E&P portfolio in 20 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 volume is approximately 317,000 boe/d.
Notes to editors:
OMV (operator) 33.4%
OMV in Pakistan
OMV (PAKISTAN) Exploration GmbH is a 100% subsidiary of OMV Aktiengesellschaft and has been active in Pakistan since 1991. OMV (Pakistan) employs 598 Pakistanis and 12 expatriates. The activities of OMV are currently concentrated in the Middle Indus Region, where OMV has established itself in a strong position as an operator, but is also expanding in other areas of the country.
To date, OMV has invested approximately USD 226 mn in exploration, appraisal activities and field development in Pakistan. Including the two new licenses OMV currently has interests in a total of ten blocks: eight are exploration licenses and two are development and production licenses in the Middle Indus Basin. OMV’s current production in Pakistan amounts to approximately 17,000 boe/d.
With Group sales of EUR 25.54 bn and a workforce of 41,282 employees in 2008, 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 and Marketing (R&M) in 13 countries. In Exploration and Production (E&P) OMV is active in 20 countries on five continents. In Gas & Power (G&P) OMV sells approximately 13 bcm gas per year. Via Baumgarten, one of the most important turntables for gas in Europe, approximately 66 bcm gas is transported annually. OMV’s Central European Gas Hub is amongst the three largest hubs in Continental Europe.
OMV is the leading energy group in the European growth belt with oil and gas reserves of approximately 1.2 bn boe, daily production of around 317,000 boe and an annual refining capacity of approximately 26 mn t. OMV now has 2,528 filling stations in 13 countries. 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.
OMV: Corporate Social Responsibility (CSR)
OMV is a member of the U.N. Global Compact and actively committed to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment in economically weak regions. OMV works hard to address economic, environmental and social issues related to its operations. Its CSR activities are fully documented in annual performance reports compiled according to Global Reporting Initiative guidelines.
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