OMV Enters Namibian Exploration Project

Austria's OMV reported Thursday that it has entered into a new exploration project offshore Namibia. OMV said that this is the third "major milestone" for the company in the Sub-Saharan region after it acquired interests in Madagascar and Gabon in 2013.

The transaction involves the acquisition of a 65-percent interest in two exploration blocks by Murphy Luderitz Oil Co. and OMV from Brazilian firm Cowan Petroleum. OMV will take a 25-percent stake, while Murphy will have a 40-percent interest. Cowan will return 20 percent, with the remaining 15 percent being held by Namibian national oil company NAMCOR.

The joint venture partners plan to conduct an extensive 3D seismic program beginning in 2Q 2014.

OMV CEO Gerhard Roiss commented in a company statement:

"OMV is well on track to position its assets into more high-return upstream projects. Therefore it is part of OMV's strategy to build up new exploration opportunities also in the region of Sub-Saharan Africa. By achieving this third milestone in just over six months, OMV has once again demonstrated its ability to deliver on strategic objectives."

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