OMV Wins Block 11 Offshore Egypt
OMV strengthens its North African E&P core region with an expansion to Egypt. OMV's 100% subsidiary OMV Exploration & Production GmbH has been awarded offshore exploration Block 11 in the 2006 EGAS (Egyptian Natural Gas Holding Company) International Bid Round. The block covers approximately 9,140 square kilometers, and is located in the Mediterranean Sea, extending north from the Egyptian coast in the vicinity of the town of Matruh offshore to deep sea. The acquisition of 100% operating interest of this Exploration block is subject to the final approval of the competent authorities.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "Our entry in the Egyptian E&P Business is in line with our strategy, and strengthens our presence in OMV's North African E&P core region. I am delighted that we have been successful in securing this exciting new exploration acreage, and look forward to the opportunity of building a significant upstream presence in Egypt in the coming years." Work on the awarded block will commence next year with the acquisition of a 3D seismic survey.
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