Austria's OMV reported Friday that it has boosted its gas production in Pakistan after two successful field developments.
OMV said that, after completing the development of the Latif gas field in October, it expects to double production from the field to 6,200 barrels of oil equivalent per day in 2014. The firm said that the Latif field development decision had been delayed for some time, but was declared economically feasible due ot the new 2012 Petroleum Policy of Pakistan that provided for higher prices for new discoveries and for investments leading to incremental production over and above the reserves approved and certified.
Meanwhile, the company's Mehar field – whose gas condensate processing facilities are currently being commissioned – is set to see phase-one full production come on stream by the end of this month. OMV expects Mehar to deliver production of 4,300 boepd in 2014.
OMV operates the Latif joint venture with its partners Eni and PPL each holding 33.3-percent stakes. It is also the operator of the Mehar concession, where it holds a 59.2-percent interest.
OMV Head of Exploration and Production Jaap Huijskes commented in a company statement:
"I am very happy that the Latif and Mehar developments are being concluded and that we are seeing the positive production impact at the end of this year. For me the approval of the pricing incentive in Latif by the government of Pakistan is an important and encouraging statement that the concerns of investors in the oil and gas sector about profitability of their projects are taken seriously."
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