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OMV acquires two exploration blocks in Iraq's
Kurdistan region
7.11.2007
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OMV, the leading oil and gas group in Central
Europe, has announced they strengthening of its E&P
core region Middle East by entering the Kurdistan
Region of Iraq.
November 7, 2007
VIENNA, Austria, -- OMV's 100% subsidiary OMV
Petroleum Exploration GmbH signed on Tuesday as
operator two production sharing contracts for two
exploration blocks with the Kurdistan Regional
Government, OMV said in a statement.
The blocks Mala Omar and Shorish cover approximately
800 square kilometres and are located in the
vicinity of Erbil, the capital of the Kurdistan
Region of Iraq. Both blocks are believed to offer
significant potential for major oil discoveries. |
OMV acquires two exploration blocks in Iraq's
Kurdistan region |
“Our entry into the Kurdistan Region of Iraq is in
line with our strategy and substantially strengthens
our E&P core region Middle East," said Helmut
Langanger, OMV Executive Board member responsible
for Exploration and Production. “We consider the
chance for discoveries in the exploration areas as
very probable and are looking forward to
strengthening our exploration portfolio." www.ekurd.net
Work on the awarded blocks will commence in 2008
with the acquisition of 2D seismic and be followed
by the drilling of an exploration well in each block
over the next three years.
OMV holds a balanced international E&P portfolio in
20 countries structured around six core regions,
namely CEE, North Africa, Northwestern Europe, the
Middle East, Australia/New Zealand and
Russia/Caspian region. OMV's daily production volume
is approximately 322,000 boe/d, and the Company's
reserves at the end of 2006 are around 1.3 bn boe.
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The Prime Minister of the Kurdistan Region,
Nechirvan Barzani, executed the seven new PSCs on
behalf of the Council, together with Minister
Hawrami.
Award of two PSCs, for the Mala Omar and Shorish
Blocks (of 285 and 526 square kilometres
respectively) in Erbil Governorate, to OMV Petroleum
Exploration GMBH, a wholly-owned subsidiary of OMV
Aktiengesellschaft, the largest oil and gas company
in Central Europe. The blocks are considered to be
low to medium exploration risk areas. www.ekurd.net
On Tuesday, Iraqi Kurdistan government
announced seven new oil deals
to foreign firms.
TFN | KRG
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