OMV Begins Exploration in Pakistan

OMV will begin exploration of a new gas field in Pakistan in the next few weeks. This will be its third in the country, according to a senior company official. "Spudding of the Gambat-1 well will begin in about two weeks time," stated Ashiq Hussain, OMV's Middle East and Far East manager. "It has good potential of discovering our third gas field in Pakistan," Hussain said, adding that OMV will be the largest foreign gas producer in Pakistan with production of more than 400 million cubic feet per day. Production at the Miano field, 300 miles northeast of Karachi, will come fully on stream next month with an initial output of 90 million cubic feet per day, Hussain said. Miano's output is meant entirely for domestic consumption.

OMV has a 17.7 percent stake in the consortium developing Miano and a 19.7 percent stake in the consortium developing another Pakistani gas field, Sawan. The combined production of the two fields is estimated at around 800 billion cubic feet. Sawan is expected to come on stream in May 2003, with an initial daily output of 170 million cubic feet. Sawan's production will double under a second phase of development to reach 340 million cubic feet per day in 2004, Hussein said.