OMV Strengthens Hold in Barents Sea with 2 New Licenses

OMV, the leading energy group in the European growth belt has been awarded two additional offshore exploration licenses in Norway. Both new licenses, PL 529 and PL 537, are located in the Barents Sea. OMV (Norge) AS will operate PL 537 in a joint venture with Idemitsu, Spring Energy and SDOE. In PL 529, OMV is participating in a joint venture with Eni (operator), DONG and Wintershall. The licenses were awarded by the Norwegian Ministry of Petroleum and Energy in the course of the 20th exploration licence round.

Helmut Langanger, OMV Executive Board member, responsible for Exploration and Production, stated, "With our new exploration licenses we are well on track to build a strong position as an exploration operator in Norway. Recent investments, high quality standards and a strong commitment to the region have proven that OMV is one of the most sustainable companies in the business, operating with a clear strategy for further developments."

OMV Norge AS (40%) will operate the newly awarded license PL 537 with Idemitsu Petroleum Norge AS, Spring Energy Norge AS and SDOE (each 20%) as joint venture partners. PL 537 covers an area of 597 km2 in the Barents Sea, some 240 km north of the North Cape and is currently the northernmost license in Norway.

In PL 529, OMV Norge AS (20%) is participating in a joint venture with Eni Norge AS (operator, 40%), DONG Norge AS (20%) and Wintershall Norge AS (20%). The license covers an area of 676 km2 and is located around 200 km west of Hammerfest.

OMV now holds five licenses (of which four are OMV operated) in the Barents Sea, an emerging exploration area with high potential which fits well with OMV's overall strategic position and portfolio along the Atlantic Margin (West of Shetland, Ireland, Faroe Islands, Norwegian Sea). Norway will continue to play an important role as part of OMV's core region Northwestern Europe.