OMV, the leading energy group in the European growth belt, has been awarded one additional offshore exploration license in Norway. The new license PL 517 is located in the Barents Sea, and will be operated by OMV (Norge) AS in a Joint Venture with Sagex Petroleum Norge AS. The license was awarded by the Norwegian Ministry of Petroleum and Energy in the course of the APA (Awards in Predefined Areas) 2008 round. OMV now has interests in seven licenses in Norway.
Helmut Langanger, OMV Executive Board member, responsible for Exploration and Production, stated, "With our new exploration license we are well on track to build a position as an exploration operator in Norway. Recent investments, high quality standards and a strong commitment to the region have proven that OMV is one of the most sustainable companies in the business, operating with a clear strategy for further developments."
A total of seven licenses have been awarded to OMV over the last two years through licensing rounds and farm-ins. The newly awarded license PL 517 in the Barents Sea will be operated by OMV (60%) with Sagex Petroleum Norge AS (40%) as partner. As part of the work programme, the joint venture will acquire 3D seismic over the license area. OMV now operates three licenses in the Barents Sea, one of the prime growth regions on the Northwest European Continental Shelf. The Barents Sea offers a challenging operating environment, which requires the use of leading edge technology through the whole upstream lifecycle.
Norway will continue to play an important role in the core region Northwest Europe for the OMV Exploration and Production business segment.
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, Northwest Europe, the Middle East, Australia/New Zealand and Russia/Caspian region. OMV's current daily production volume is approximately 316,000 boe/d and the Company's proven reserves at the end of 2007 were approximately 1.22 bn boe.
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