OMV AG Signs to Join JV in Middle East, North Africa and Caspian
OMV Aktiengesellschaft has signed a Memorandum of Understanding with International Petroleum Investment Company (IPIC), OMV's second largest shareholder, to pursue upstream projects in the Middle East, North Africa and the Caspian Region - all of which are amongst OMV's E&P core regions where the company has already established a significant presence. Both companies agreed to share their expertise and knowledge relevant to assessing future projects. IPIC and OMV believe that this is a natural step in the development of their deepening partnership and cooperation. Both companies are in a position to complement each other, IPIC with its regional relationships and OMV with its technical and geological know how.
Just in May 2007, OMV opened an office in Abu Dhabi to improve the screening of business opportunities and the coordination of existing activities in the region. IPIC has been OMV's shareholder since 1994 and today holds 17.6% of OMV.
Helmut Langanger, OMV Executive Board member for Exploration and Production, stated: "This Memorandum of Understanding is another important step for strengthening the excellent cooperation with one of our major shareholders and helps us in our plans to further grow in our Middle Eastern, North African and Caspian E&P core regions."
Khadem Al Qubaisi, IPIC Managing Director said: "With this agreement IPIC will, in addition to Downstream and Petrochemicals, expand its investment activities to Exploration and Production with a world class partner. In the future IPIC will also increase cooperation with other UAE based companies and help them add value to their enterprises."
Balanced international E&P portfolio:
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 322,000 boe/d, and the Company's reserves at the end of 2006 are approximately 1.3 bn boe.
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Company: International Petroleum Investment Co. (IPIC) more info
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