OMV Purchases Petronas' Pakistani E&P Assets

VIENNA (Dow Jones Newswires), Sep. 21, 2010

OMV said Tuesday it has signed a deal to buy the Pakistani exploration and production business of Malaysian state oil company Petronas International Corporation Ltd.

The transaction includes the exploration licenses for the Mubarak, Meher and Daphro exploration blocks as well as the Meher and Mubarak development and production licenses, OMV said in a statement.

Petronas and OMV have agreed not to disclose the purchase price.

OMV said the Pakistani government still needs to greenlight the acquisition. This and other factors will delay the actual closing of the deal for "some months".

OMV currently owns seven exploration licenses and two production licenses in Pakistan. It is the largest foreign gas producer in the country with a daily production of 14,000 barrels of oil equivalent.

It aims to increase the daily production to 25,000 by 2014.

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