OMV Signs Abu Dhabi Deal

seismic survey

By MarEx 2016-03-20 17:25:06

OMV has signed a four-year program to evaluate offshore oil and gas fields northwest of Abu Dhabi with the Abu Dhabi National Oil Company and U.S. firm Occidental Petroleum, the Austrian company said.

The fields the companies will analyze include the Ghasha and Hail areas with a view to appraising and developing them.

The 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.

OMV is already working with ADNOC on the appraisal of the Shuwaihat field.

OMV under new Chief Executive Rainer Seele is increasingly looking towards Russia and the United Arab Emirates, the home of its second-biggest shareholder IPIC, for future output.

With group sales of $26 billion 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. 2015 daily production stood at approximately 303 kboe/d.