OMV and Iran Ink Deal for South Pars Gas Field
|Monday, April 23, 2007
A coordinated and aligned project in Iran on the basis of an integrated approach would involve two of OMV's business segments (Exploration & Production and Gas) and would complement the planed LNG regasification terminal in Croatia, in the development of which OMV participates. According to current plans, the LNG terminal in Croatia should start operating in 2011/2012 and Iran, with its substantial gas reserves, could be a source of supply.
Further talks on this matter are confidential. Concrete results are not expected until the second half of 2007.
South Pars Gas Field
OMV in Iran
OMV signed an exploration contract (exploration of oil and gas) for the Zagros region with the National Iranian Oil Company in May 2001. Work focuses on an area covering 2,500 square kilometers, the so-called "Mehr Block". OMV (43% share) is the operator of the consortium, in which Repsol YPF (Spain) and Sipetrol (Chile) each hold 33%. The first exploration well was carried out successfully in January 2005. The drilling reached a depth of 4,148 meters. First production tests of the reservoir yielded an average flow rate of 1,040 bbl/day. In February 2007, the commerciality of the field was confirmed by the NIOC. A field development plan is being developed.
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