OMV Enters Namibian Exploration Project
Austria's OMV reported Thursday that it has entered into a new exploration project offshore Namibia. OMV said that this is the third "major milestone" for the company in the Sub-Saharan region after it acquired interests in Madagascar and Gabon in 2013.
The transaction involves the acquisition of a 65-percent interest in two exploration blocks by Murphy Luderitz Oil Co. and OMV from Brazilian firm Cowan Petroleum. OMV will take a 25-percent stake, while Murphy will have a 40-percent interest. Cowan will return 20 percent, with the remaining 15 percent being held by Namibian national oil company NAMCOR.
The joint venture partners plan to conduct an extensive 3D seismic program beginning in 2Q 2014.
OMV CEO Gerhard Roiss commented in a company statement:
"OMV is well on track to position its assets into more high-return upstream projects. Therefore it is part of OMV's strategy to build up new exploration opportunities also in the region of Sub-Saharan Africa. By achieving this third milestone in just over six months, OMV has once again demonstrated its ability to deliver on strategic objectives."
WHAT DO YOU THINK?
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
- Sharp Fall In Applications For Norway's Arctic Oil Permits (Dec 05)
- OMV Flags Higher 3Q Margins, Kurdistan Windfall (Oct 13)
- Gas Pipeline Through Central Europe to Go Ahead As Planned -Romania (Sep 28)
Company: Murphy Oil Corporation more info
- Exxon Mobil Bets on Brazil, Buys 10 Oil Blocks in Auction (Sep 28)
- Murphy Oil CEO: Now is the Time for Deepwater to Come Back (May 02)
- Pilot Energy Inks Deal to Acquire Murphy's Stake in Permit WA-481-P Off WA (Jul 27)
Company: Namcor more info
- Chariot Commences 3D Seismic Program Offshore Namibia (Jan 18)
- OMV Enters Namibian Exploration Project (Apr 03)
- Eco Atlantic Inks Joint Operating Agreements for Offshore Namibia (Jan 28)