OMV starts exploring Block 2 in Yemen
Posted: 19 June 2006
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OMV says the government of Yemen has ratified its production sharing agreement for Yemen’s Block 2 ("Al Mabar").
The President of Yemen, H.E. Ali Abullah Saleh, signed the decree on June 7, 2006. The new exploration programme will be operated by Al Mabar Exploration GmbH, a wholly owned subsidiary of OMV.
OMV will commence the implementation of the exploration program immediately, which comprises of 2D and 3D seismic acquisition and the drilling of two exploration wells.
The minimum financial obligation is $14 million.
Block 2 is located in the oil-prone Marib-Shabwah Basin in the political Province of Shabwah. The license is located close to the OMV operated Block S2, where OMV already has discovered oil in two wells.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production, said: "This ratification is an important step for strengthening our position in Yemen as this country is part of our Middle Eastern core region. The new exploration in Block 2 is expected to have similar geological formations as S2 and is a logical next step based on this success. During the last months we have kicked-off the field development project in Block S2 and have made good progress since, production is due to start in 2006. Due to our excellent knowledge about the oil and gas systems in Yemen we want to further expand our activities there."
The interests in Block 2 are OMV Al Mabar Exploration GmbH (93%) and The Yemen General Corporation for Oil & Gas (7%).
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