Austria's OMV subsidiary signs exploration deal with Abu Dhabi

June 24, 2013 at 6:40 AM

ABU DHABI, United Arab Emirates, June 24 (UPI) -- Austrian energy company OMV said it signed a deal in Abu Dhabi for exploration of oil and natural gas prospects in the United Arab Emirates.

A regional subsidiary of OMV signed the deal with the Abu Dhabi National Oil Co. to pursue exploration of oil and natural gas in the eastern area of the emirate.

OMV said it would work with National Oil on a seismic exploration campaign and exploratory drilling in the region.

"With this step OMV is on the way to foster its upstream position in the Middle East," OMV Chief Executive Officer Gerhard Roiss said in a statement published Monday. "Above this we are broadening the cooperation with Abu Dhabi beyond the field of petrochemicals."

OMV did not indicate reserve expectations. It said if the exploration campaign was successful, both partners would work to develop any potential oil and natural gas reserves.

The United Arab Emirates is a member of the Organization of Petroleum Exporting Countries. It is No. 7 in the world in terms of oil and natural gas production.

OMV set up its first office in Abu Dhabi in 2007.

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