OMV and NAFTA Partner Up for E&P in Slovakia
OMV, Central Europe's leading oil and gas group, and the Slovakian oil and gas company NAFTA a.s. signed agreements aiming at a long-term partnership, with the goal to jointly explore the Slovak part of the Vienna basin, covering an exploration license area of approximately 1,400 square kilometers. Work will commence in early 2008 with a seismic program.
"For OMV this is a logical step, as we have many years of experience and know-how in carrying out explorations in the Vienna basin, in which the Slovak licenses are located," Helmut Langanger, OMV executive board member responsible for Exploration and Production, stated. "We consider the possibility of discoveries in these exploration areas as very high and are delighted to be strengthening our exploration portfolio."
"NAFTA, having a long experience in the exploration and production of hydrocarbons in Slovakia, is looking forward to a long-term project with OMV in the Pre Neogene zone of the Slovak part of the Vienna basin," said Alexander Spies, chairman of the board of directors of NAFTA. "With OMV, NAFTA has chosen a strong E&P partner with considerable experience and success in finding hydrocarbons in the Austrian part of the Vienna basin. By entering this long-term partnership, we expect to significantly increase our probability of success in finding hydrocarbons in the projected area."
OMV and NAFTA (each holding 50%) will be joint operators for the Slovak exploration licenses, which are located in the Vienna basin's geologically complex calcareous alpine units, a third of which is in Slovakia. Work is planned to commence in January 2008. Initially, geological studies and seismic studies will be carried out; exploration wells are planned for the following two years.
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