OMV signs a Technical Evaluation Agreement in Abu Dhabi
News Release, March 20th 2016 - 10:00 am (CET)
- OMV strengthens partnership with ADNOC through joint strategically important project
- ADNOC, Occidental and OMV have signed an evaluation agreement for oil and gas fields North-West Offshore Abu Dhabi
- Four-year work program for seismic, drilling and engineering studies
The Abu Dhabi National Oil Company (ADNOC), OMV, and Occidental Petroleum from the US have signed a contract over several undeveloped oil and gas fields in North-West Offshore Abu Dhabi including the Ghasha and Hail areas. An agreement was reached for conducting a four-year seismic, drilling and engineering work program for exploration, appraisal and potential field developments. OMV and Occidental will also contribute with seconded personnel and technical expertise for the evaluation activities. The cooperation aims to firm up the volume potential of the undeveloped North-West Offshore fields, to form the basis for the future development of the North-West Offshore area. With this project, OMV is intensifying its strategic partnership with ADNOC alongside its existing participation in the appraisal of the sour gas Shuwaihat field and its East Abu Dhabi exploration activities.
OMV CEO, Rainer Seele: "We are pleased to expand our cooperation with ADNOC, together with Occidental, through the appraisal of a number of undeveloped fields which are of strategic importance to ADNOC. This cooperation will further strengthen our already excellent partnership with ADNOC."
Background information:
OMV Aktiengesellschaft
With Group sales of EUR 23 bn and a workforce of around 24,100 employees in 2015, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV focuses on three core regions - CEE (Romania, Austria), North Sea as well as Middle East and Africa - and selected development areas. 2015 daily production stood at approximately 303 kboe/d. In Downstream, OMV has an annual refining capacity of 17.8 mn tonnes and approximately 3,800 filling stations in 11 countries as of end of 2015. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2015, gas sales volumes amounted to 110 TWh.