VIENNA--The Austrian oil and gas company OMV AG (OMV.VI) said
Monday its subsidiary OMV East Abu Dhabi Exploration GmbH and the
Abu Dhabi National Oil Company, or ADNOC, had signed an exploration
agreement to pursue exploration for oil and gas in the Eastern
region of Abu Dhabi.
MAIN FACTS:
-OMV and ADNOC will conduct an exploration program consisting of
seismic acquisition and the drilling of exploration wells and if
successful, the two companies intend to jointly develop the
potential discoveries in accordance with Abu Dhabi laws.
-The exploration activity agreement has a duration of four
years.
-This exploration undertaking is a strategic supplement to OMV's
participation in the Shuwaihat field appraisal project which was
signed in 2012, OMV said.
-OMV's Chief Executive Officer Gerhard Roiss said, "With this
step OMV is on the way to foster its upstream position in the
Middle East. Above this we are broadening the cooperation with Abu
Dhabi beyond the field of petrochemicals."
Write to the Vienna Bureau at nicole.lundeen@dowjones.com
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