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OMV drills successful exploration well in southern Tunisia

June 16, 2010 - 3:15 pm (CET)

  • New gas-condensate discovery by the Ritma-1 well in the OMV operated Nawara Concession
  • Drilling of further exploration wells and field development activities are in progress

OMV, the leading energy Group in the European growth belt, announces a new gas-condensate discovery following the successful drilling of the Ritma-1 exploration well in the Nawara Production Concession in southern Tunisia. This is the seventh successive well to encounter hydrocarbons in this area in the last four years, and underpins the significant potential of this block and of OMV’s surrounding exploration permit Jenein Sud.

OMV and its partner ETAP, the Tunisian national oil company, have recently completed operations at the Ritma-1 well in the Nawara Production Concession in southern Tunisia. This is the third well in the 2009/2010 drilling campaign designed to identify additional gas-condensate resources for the planned Nawara Development Project.
Ritma-1 reached a total depth of 4,035 m and encountered 28 m of net hydrocarbon pay in stacked sandstones of the Acacus and Tannezuft Formations. Gas-condensate was proven by an extensive downhole evaluation and sampling program.  The reservoir thickness is at the high end of expectations, similar to the recent Fella-1 discovery.  Ritma-1 has been cased and suspended for future production.

Helmut Langanger, OMV Executive Board Member responsible for Exploration and Production stated: ”We are very pleased with this promising series of 7 consecutive discoveries in southern Tunisia which is quite an outstanding achievement in the E&P business and allows us to stay on track for our planned field development in the Nawara Concession.“

Drilling of the next exploration well, Khouloud-1, in the area started on 25 May. OMV and ETAP each hold a 50% interest in the Nawara Production Concession, 700 km south of the Tunisian capital Tunis.

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 the 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 1.2 bn boe.

Background information:
OMV in Tunisia

OMV first became active in Tunisia in the early 1970s. The acquisition of the international E&P activities of Preussag in 2003 gave OMV access to seven producing oil fields in the southeast of the country. The most prolific of these is the Ashtart field. OMV currently has interests in two exploration and (six) production licenses in Tunisia. Its production in Tunisia amounts to approximately 8,000 boe/d in 2009. In February 2010 OMV was awarded the Nawara production concession, which was previously a part of the OMV operated Jenein Sud exploration block. These areas are situated in the Tunisian extension of the Ghadames basin.
In April 2008, OMV acquired an 80% operated share in the Sidi Mansour exploration area.

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 annual trading volume one of the most important gas hubs in Continental Europe.

OMV is the leading energy Group in the European growth belt with oil and gas reserves of approximately 1.19 bn boe, daily production of around 317,000 boe in Q1/10 and an annual refining capacity of approximately 26 mn t. OMV now has 2,331 filling stations as of Q1/10. 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.

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