OMV Sells Venezuelan Assets

Cabimas Field, Lake Maracaibo, Venezuela
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In 2003 OMV acquired the entire international E&P portfolio of Preussag Energie International GmbH including the 90% operated interest in the Cabimas onshore oilfield in Western Venezuela. Lately OMV’s share of production from Cabimas was 5,700 bbl/d. In addition OMV acquired a 30% non-operated interest in the Boquerón onshore oilfield in Eastern Venezuela.

Latin America not a core area for OMV

The sale is in line with OMV's stated strategy of focusing its E&P activities on five core areas, namely the Danube/Adriatic region, North Africa, North Sea, Middle East and Australia/New Zealand. The Group holds a balanced international E&P portfolio in 16 countries. During the year 2003 the Company's average daily production volume reached 120,000 boe.

Background on the Cabimas oilfield

The Cabimas oilfield is located on the eastern shore of Lake Maracaibo in the State of Zulia, Venezuela. It was discovered in 1915 and was brought on production in 1925. In 1998 Preussag Energie GmbH took over the operation of the field under a Service Operating Agreement with the Venezuelan State Oil Company PDVSA.

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