Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "Our entry into the Kurdistan Region of Iraq is in line with our strategy and substantially strengthens our E&P core region Middle East. We consider the chance for discoveries in the exploration areas as very probable and are looking forward to strengthening our exploration portfolio."
Work on the awarded blocks will commence in 2008 with the acquisition of 2D seismic and be followed by the drilling of an exploration well in each block over the next three years.
Balanced international E&P portfolio
OMV holds a balanced international E&P portfolio in 20 countries structured around six-core regions, namely CEE, North Africa, Northwestern Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's daily production volume is approximately 322,000 boe/d, and the Company's reserves at the end of 2006 are approximately 1.3 bn boe.
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