ADNOC signs upstream exploration agreement with OMV

WAM ABU DHABI: The Abu Dhabi National Oil Company (ADNOC) and OMV East Abu Dhabi Exploration GmbH (OMV) of Austria have signed an exploration agreement, to pursue exploration for oil and gas in the Eastern Region of Abu Dhabi.

OMV and ADNOC will conduct a state of the art exploration program consisting of 2D and 3D seismic acquisition, and the drilling of exploration wells, according to the agreement.

If the exploration campaign is successful, ADNOC and OMV intend to jointly develop the potential discoveries in accordance with Abu Dhabi laws. The exploration activity agreement has duration of four years.

Commenting on the signing of the agreement ADNOC’s Director General, Abdulla Nasser Al Suwaidi, praised the distinguished relations between the UAE and Austrian companies stressing the importance of the agreement in developing mutual cooperation in energy fields.

He said that ADNOC’s is looking forward to benefit from the experience and know how of the Austrian companies to develop its operations and activates in the oil and gas sector.

In order to secure adequate and reliable supplies ADNOC is planning to increase oil and gas reserves he said, adding that ADNOC is exerting endless efforts to develop its exploration and production and refining infrastructure in addition to the petrochemicals through cooperation with its partners using the latest technology for oil and gas exploration and production OMV CEO, 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.” A successful exploration campaign might lead to hydrocarbon discoveries and potentially to the development of oil, gas and condensate fields in the Eastern region of Abu Dhabi.

This would help to cover the increasing energy demand of the UAE and the country’s long-term export capability.

WAM/MMYS

Leave a Reply