OMV Strengthens Position in New Zealand
OMV further strengthens its presence in New Zealand with today's granting of two offshore Petroleum Exploration Permits by the Ministry of Economic Development. The permits have been granted to OMV New Zealand Ltd, a 100% subsidiary of OMV Aktiengesellschaft in a 50/50 Joint Venture with the Australian energy company, Origin Energy Limited. Origin Energy will be the operator of the permits. Seismic activities are expected to start 2006/2007.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: "OMV is delighted to be awarded these permits. This is a step forward in strengthening our position in one of our international core areas. Our successful application reflects OMV's confidence in New Zealand's potential as a hydrocarbon producing region."
The two permits are located in the Northland Basin, offshore the South West Auckland area. These permits will be OMV's first offshore step outside of its Exploration and Mining Permits in the Taranaki Basin area and involve Joint Venture commitments of approximately NZ$ 15 million in total. OMV expects initial seismic survey acquisition to begin in the 2006/07 season followed by an evaluation and interpretation period of up to 12 months.
Last year OMV was successful in obtaining a Petroleum Mining Permit for the Maari oil field in Taranaki. The addition of these two permits reinforces OMV's commitment to investment in the New Zealand oil and gas exploration sector.
OMV owns a balanced international E&P portfolio in 17 countries organized around five core regions, namely the Danube and Adriatic, Northern Africa, the British North Sea, the Middle East/Caspian and Australia/New Zealand. Due to the acquisition of 51% of Petrom, Romania's largest oil company, OMV's daily production volume is approximately 340,000 boe/d, and the company's reserves approximately 1.4 bn boe.
OMV has an office in Wellington, New Zealand and interests in eight Exploration Permits (offshore/onshore) and in one offshore Production License (Maui) with a daily production in excess of 5,000 boe/d net to OMV. Mining Permits have also been granted for Pohokura, the biggest non developed gasfield in the country, with production planned to commence mid 2006 and the Maari oil field with production expected in 2008.
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