OMV awarded new exploration license in Norway
Februar 12, 2009 - 3:00 pm (CET)
- Position in E&P core region Northwest Europe further strengthened
- OMV now has a total of seven offshore licenses in Norway
- Investments have proven strong commitment to the region
Today, OMV, the leading energy group in the European growth belt has been awarded one additional offshore exploration license in Norway. The new license PL 517 is located in the Barents Sea, and will be operated by OMV (Norge) AS in a Joint Venture with Sagex Petroleum Norge AS. The license was awarded by the Norwegian Ministry of Petroleum and Energy in the course of the APA (Awards in Predefined Areas) 2008 round. OMV now has interests in seven licenses in Norway.
Helmut Langanger, OMV Executive Board member, responsible for Exploration and Production, stated: “With our new exploration license we are well on track to build a position as an exploration operator in Norway. Recent investments, high quality standards and a strong commitment to the region have proven that OMV is one of the most sustainable companies in the business, operating with a clear strategy for further developments”.
A total of seven licenses have been awarded to OMV over the last two years through licensing rounds and farm-ins. The newly awarded license PL 517 in the Barents Sea will be operated by OMV (60%) with Sagex Petroleum Norge AS (40%) as partner. As part of the work programme, the joint venture will acquire 3D seismic over the license area. OMV now operates three licenses in the Barents Sea, one of the prime growth regions on the Northwest European Continental Shelf. The Barents Sea offers a challenging operating environment, which requires the use of leading edge technology through the whole upstream lifecycle.
Norway will continue to play an important role in the core region Northwest Europe for the OMV Exploration and Production business segment.
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, Northwest Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's current daily production volume is approximately 316,000 boe/d and the Company's proven reserves at the end of 2007 were approximately 1.22 bn boe.
Background information:
OMV in Norway
Norway is the seventh largest oil-producing nation and the third largest oil exporter in the world. OMV (Norge) AS is a wholly owned subsidiary of OMV Exploration & Production GmbH, established in 2005 and headquartered in Stavanger. OMV (Norge) AS currently has interests in seven licenses: three in the Barents Sea, two in the Norwegian Sea and two in the North Sea; five licences are operated by OMV.
OMV Aktiengesellschaft
With Group sales of EUR 20.04 bn and a workforce of 33,665 employees in 2007, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading oil and gas group in Central Europe, 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 more than 13 bcm gas per year. Via Baumgarten, one of the most important turntables for gas in Europe, approximately 64 bcm gas is transported annually. OMV’s Central European Gas Hub is amongst the three largest hubs in Continental Europe.
OMV is the largest oil and gas group in Central Europe, with oil and gas reserves of approx. 1.22 bn boe, daily production of around 316,000 boe and an annual refining capacity of approx. 26 mn t. OMV now has 2,524 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 biannual performance reports compiled according to Global Reporting Initiative guidelines.