OMV Enters Norway
OMV Aktiengesellschaft will open an office in Norway to evaluate E&P opportunities in that country. OMV Exploration and Production GmbH a 100% subsidiary of OMV Aktiengesellschaft was informed by the Norwegian Ministry of Petroleum and Energy on February 28, 2006, that it had pre-qualified as an Operator on the Norwegian Continental Shelf.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "We are delighted having received the green light from the Norwegian Ministry to explore for oil and gas on the Norwegian Continental Shelf. As we have a wide portfolio in neighboring UK North Sea, expanding our activities to Norway makes a lot of sense." OMV will open a branch office in Norway later this month and participate in the upcoming 2006 Awards in Predefined Areas (APA) announced by the Norwegian Energy Minister on 21 February 2006. The release contains 192 blocks in the North Sea, Norwegian Sea and Barents Sea. OMV will also be seeking other opportunities, when they become available.
The move into Norway is part of an expansion of OMV's E&P portfolio in context with OMV's 2010 growth strategy to increase its daily oil and gas production from 340,000 to 500,000 barrels oil equivalent (boe). OMV E&P is now engaged in 18 countries worldwide and organized in five core regions; namely the Danube and Adriatic, Northern Africa, the British North Sea/Norwegian Sea, the Middle East/Caspian and Australia/New Zealand. As a result of the acquisition of 51% of Petrom, Romania's largest oil company, OMV's daily production volume is approximately 340,000 boe/d, and the company's reserves approximately 1.4 bn boe.
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