OMV Confirms Oil Discovery in Sirte Basin Offshore Libya

Libya, North Africa
(Click to Enlarge)

OMV has announced the discovery and successful testing of oil in the A1-NC202 exploration well in Block NC202. The well is located in the offshore Sirte Basin, 40 km southwest of Benghazi. The well reached a total depth of 15,815 ft (4,820m) and tested a natural flow rate of up to 1,264 bbl/d from the Eocene Dernah Formation. This is OMV's first oil discovery in offshore Libya.

Kurt Wagner, OMV General Manager in Libya stated, "I am very pleased with this new discovery -- OMV's first offshore discovery in Libya."

Block NC202 forms part of a package of exploration blocks including the neighbouring offshore block NC201, NC199 (Cyrenaica), NC200 (Murzuq Basin), NC203 and NC204 (Kufra Basin) which were awarded to Repsol and OMV in June 2003. OMV holds a 14% interest in this package. The other partners are the National Oil Corporation of Libya (65%) and Repsol which acts as operator and holds the remaining 21%.

OMV holds a balanced international E&P portfolio in 19 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 317,000 boe/d, and the Company's proven reserves at the end of 2008 were approximately 1.21 bn boe.


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