facebook
twitter
rss
account
search
search
 

OMV enters acreage offshore Namibia

Austrian energy company OMV takes on stake in Namibian offshore exploration project.
By Daniel J. Graeber   |   April 3, 2014 at 9:01 AM   |   Comments

http://cdnph.upi.com/sv/em/upi_com/UPI-9311396529359/2014/1/514a67672bd00df31f76710e282923b3/OMV-enters-acreage-offshore-Namibia.jpg
April 3 (UPI) -- Austrian energy company OMV said Thursday it expanded its African footprint by joining an offshore exploration project in Namibia.

"OMV is well on track to position its assets into more high-return upstream projects," OMV Chief Executive Officer Gerhard Roiss said in a statement. "Therefore it is part of OMV’s strategy to build up new exploration opportunities also in the region of Sub-Saharan Africa."

The Austrian company said it's entering Namibia through the acquisition of a 65 percent stake from Brazilian company Cowan Petroleum through a partnership with Murphy Luderitz Oil Co. for an undisclosed sum.

Murphy, through a partnership with OMV, serves as the operator in a program to use seismic surveys to get a better understanding of the reserves off the coast of Namibia. Surveys are slated to begin later this year.

The two reserve areas offshore encompass a total area of 4,200 square miles. OMV provided no estimate of the reserve potential.

Namibia is considered frontier territory. Basins north of the country off the coast of Ghana are very rich in oil.

Follow @dan_graeber and @UPI on Twitter.
Contact the Author
© 2014 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
U.S. Air Force orders more RQ-4 Global Hawks U.S. Air Force orders more RQ-4 Global Hawks
2
Hotel chain suspending sponsorship of Minnesota Vikings Hotel chain suspending sponsorship of Minnesota Vikings
3
Lockheed tests aircraft laser turret
4
Kurds challenge latest Iraqi oil claims Kurds challenge latest Iraqi oil claims
5
Cover Girl ads photoshopped to protest NFL's Roger Goodell Cover Girl ads photoshopped to protest NFL's Roger Goodell
Trending News
Video
x
Feedback