OMV awarded exploration acreage in Egypt
Posted: 30 November 2006
OMV Aktiengesellschaft, the leading oil and gas group in Central Europe, strengthened its North African E&P core region with an expansion to Egypt.
OMV’s 100 per cent subsidiary, OMV Exploration & Production GmbH, has been awarded offshore exploration Block 11 in the 2006 EGAS (Egyptian Natural Gas Holding Company) International Bid Round.
The block covers approximately 9,140 km2, and is located in the Mediterranean Sea, extending north from the Egyptian coast in the vicinity of the town of Matruh offshore to deep sea. The acquisition of 100 per cent operating interest of this Exploration block is subject to the final approval of the competent authorities.
"Our entry in the Egyptian E&P Business is in line with our strategy, and strengthens our presence in OMV’s North African E&P core region," said Helmut Langanger, OMV Executive Board member responsible for Exploration and Production.
"I am delighted that we have been successful in securing this exciting new exploration acreage, and look forward to the opportunity of building a significant upstream presence in Egypt in the coming years."
Work on the awarded block will commence next year with the acquisition of a 3D seismic survey.
Posted by Richard Price, Editor, EnergyME.com
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