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."



Have a news tip? Share it with Rigzone!
Email news@rigzone.com

WHAT DO YOU THINK?

Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.

Related Companies
Events  SUBSCRIBE TO OUR NEWSLETTER

Our Privacy Pledge
SUBSCRIBE

More from this Author
Rigzone Staff
e-mail us at news@rigzone.com
 -  CNOOC to Drill 126 Exploration Wells i... (Jan 19)
 -  Sound Energy Looks to Buy OGIF's Asset... (Jan 19)
 -  Lundin's Development Expenditure to To... (Jan 19)
 -  The Church of England Conditionally Ba... (Jan 19)
 -  CNOOC Commences Production from Enping... (Jan 18)


Most Popular Articles

From the Career Center
Jobs that may interest you
Attorney I
Expertise: Contracts Administration|Legal
Location: Houston, 
 
Project Engineer/Project Manager
Expertise: Project Management
Location: Baton Rouge, 
 
Community Relations Manager Job
Expertise: Legal|PR / Corporate Communications|Project Management
Location: Red Wing, MN
 
search for more jobs

Brent Crude Oil : $53.92/BBL 2.79%
Light Crude Oil : $51.08/BBL 2.66%
Natural Gas : $3.3/MMBtu 3.22%
Updated in last 24 hours