OMV with oil discovery in Kurdistan Region of Iraq
June 3, 2011
- Promising first results from Bina Bawi well
- OMV as operator of the block
- Drilling still ongoing with further investigations planned
OMV, the leading energy Group in Central and Southeastern Europe, informs about a drilling success in its operated Bina Bawi block in the Kurdistan Region of Iraq. OMV is currently drilling an exploration well (Bina Bawi 3) and encountered hydrocarbons in one of the primary reservoir targets. The well is still being drilled and further investigations are planned in the course of the well operations including evaluation of deeper potential targets. OMV will inform about the full potential as soon as more information is available.
Jaap Huijskes, OMV Executive Board member and responsible for Exploration and Production stated: "We are very pleased to announce this discovery of oil. It seems good quality oil and it was flowing to surface following a drawdown test. We are now going to continue drilling but I am confident that the final results will be promising.”
OMV has direct stakes in five blocks in the Kurdistan Region of Iraq, of which in three as operator. Operated blocks are Bina Bawi (36%), Shorish (100%) and Mala Omar (100%).
With Group sales of EUR 23.32 bn and a workforce of 31,398 employees in 2010, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Exploration and Production, OMV is active in two core countries Romania and Austria and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.15 bn boe as of year-end 2010 and a production of around 318,000 boe/d in 2010. In Gas and Power, OMV sold approximately 18 bcm of gas in 2010. In Refining and Marketing, OMV has an annual refining capacity of 22.3 mn t and as of year-end 2010 approximately 4,800 filling stations in 13 countries including Turkey. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 89 bcm in 2010. With a trading volume of around 34 bcm in 2010, OMV’s gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. OMV further strengthened its position through the ownership of a 96% stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
Under its 3plus strategy, OMV combines the strengths of its E&P, G&P and R&M business units in order to ensure that it provides the best possible supply service to its three core markets of Central and Eastern Europe, Southeast Europe and Turkey. OMV uses the synergies that result from the combination of these strengths to extend its supply chain from oil and gas through to electricity and eventually renewable energy.
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.