Shell Sells 10% Stake in Maui Offshore Field to OMV

OMV has acquired a 10% stake in the Maui oil and gas field in New Zealand from Shell. This offshore field is located in the Taranaki Basin, 40 km off the coast of New Zealand and is the biggest producing hydrocarbon deposit in the country. This acquisition is an important step towards the achievement of OMV's short and medium-term production goals. As Helmut Langanger, OMV Management Board Member responsible for Exploration and Production (E & P), comments: "In the fourth quarter of 2002 the Maui field will add around 10,000 boe to our daily production. This will probably enable us to meet our production target of 100,000 boe per day by the end of 2002. This is good news especially as production in the third quarter will be lower than in the first half due to maintenance work and temporary production problems in the Shiehallion field. Due to New Zealand's hydrocarbon potential and the good fiscal terms the region is most attractive to our E&P business." The Group wants to double its current daily oil and natural gas production to 160,000 boe/d by 2008.

OMV also announces that it has acquired Shell's entire 49% stake in the Maari exploration permit including an oil discovery, also situated in the Taranaki Basin. OMV as the new operator now holds a 79% stake in the field, with Todd Petroleum Mining Holding of New Zealand holding the remaining 21%. It was agreed that the purchase price and details on the contracts would not be disclosed.

In addition to the existing infrastructure, OMV's participation in the Maui Field also includes a contract with the government of New Zealand for the delivery of natural gas. In the fourth quarter of 2002 OMV expects a production rate of 10,000 boe/d. About 75% of the field's production is natural gas and about 25% is oil, condensate and LPG. The Maui oil and gas field is managed by an international joint venture composed of Shell (77.5%), Todd Petroleum Mining Holding (12.5%) and OMV (10%).

The Maui field is New Zealand's biggest producing field, from which natural gas has been extracted since 1979 and oil since 1996. Currently there are 26 production wells in operation. The infrastructure consists of two offshore platforms, a floating offshore production facility, pipelines for gas and liquids on the ocean floor, onshore processing facilities in Oaonui, and a 290 km onshore gas transport pipeline from Oaonui to Auckland.


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