OMV Wins Six Libyan Exploration Licenses

OMV and Repsol YPF have signed an agreement with National Oil Corporation of Libya (NOC) in Tripoli for the exploration of six blocks located both on- and offshore Libya. Activities will be operated by Repsol YPF (60% interest), with OMV holding the remaining 40% interest.

The blocks (also referred to as Exploration Package 1) have been put up for international bidding following the Zawia Oil Investment Conference in 2000. Exploration Package 1 covers a total area of 76,700 sq km and includes M1 (Murzuk Basin), S36 (Sirte Basin), K1 and K3 (Kufra Basin) and O9 and O10 (offshore).

OMV and Repsol YPF have committed to the drilling of 12 exploration wells and the acquisition of 6,500 km of seismic lines over a six-year exploration period. The exploration costs are scheduled to amount to approximately US $90 million (100%). Helmut Langanger, Member of the Executive Board of OMV with responsibility for Exploration and Production, said: "This is indeed a major step forward in expanding our successful upstream activities in Libya. The acquisition of this highly attractive exploration acreage will further strengthen OMV's position in Libya, which constitutes OMV's most important international E&P core area."