The area selected for future joint activities is the Block Skifska, located in the area between the Ukrainian/Romanian border and the Crimean peninsula. The water depth of this area is between 100 meters and 2,000 meters. Since this Block is unexplored, it is possible that it may hold a wide range of potential oil and gas resources. The three companies plan to bid for this Block during 2005.
Helmut Langanger, OMV Executive Board Member responsible for Exploration and Production stated:"Exploration activities in the Western Black Sea Region are a perfect fit to OMV's strategy. Any significant oil or gas find in that area would add value to our business in one of our core regions. E&P activities in the Ukrainian offshore area are the logical continuation of our efforts in offshore Romania and Bulgaria. We will build on our regional knowledge and technical expertise, and are delighted to partner with NJSC Naftogas and NSC Chornomornaftogaz, both of which have long term local experience".
Igor Franchuk, the President of the NSC "Chornomornaftogaz" noted, that joint work of the Austrian and Ukrainian oil-and-gas production companies enabled Ukraine quicker to integrate into the European community as an equal partner and should be the next step to the increase of the energy security of Ukraine – the main task set up by the President of Ukraine for the energy concept of the state. "This Bidding Agreement is the result of long term cooperation with OMV, started in 2002. Today we can say that we start concrete work on the realization of joint projects within the Black Sea offshore, - considers Mr.Franchuk.
Balanced international E&P portfolio
OMV owns a balanced international E&P portfolio in 18 countries organized around five core regions, namely the Danube and Adriatic, Northern Africa, the British North Sea, the Middle East/Caspian and Australia/New Zealand. Following the acquisition of 51% of Petrom S.A., Romania's largest oil company, OMV's daily production volume is approximately 345,000 boe/d, and the company's reserves amount to approximately 1.4 bn boe as of December 2004.
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