Gulf Oil and Gas accountACCOUNT

Wintershall & OMV Sign an Upstream Agreement in UAE

Source: www.gulfoilandgas.com 6/21/2012, Location: Middle East

Wintershall as operator will appraise the sour gas and condensate field in Shuwaihat with equal partner OMV / Shuwaihat would be an important development of a gas and condensate field in the Western region of Abu Dhabi / Middle East region is gaining an increasingly important role for Wintershall’s growth.

The Abu Dhabi National Oil Company (ADNOC), Wintershall and OMV today signed a Technical Evaluation Agreement to appraise the sour gas and condensate field in Shuwaihat, located some 25 km to the West of Ruwais in the Western Region of Abu Dhabi. Wintershall as operator will conduct the appraisal phase with OMV as an equal partner by drilling up to three appraisal wells and acquiring 3D-seismic over the field. In case of a successful appraisal campaign, ADNOC will participate in the development and production phase of the Shuwaihat field.

Rainer Seele, Chairman of the Board of Executive Directors of Wintershall, said: “This upstream joint venture is an important step on the path towards long-term cooperation in the energy sector between Germany and the Emirate of Abu Dhabi. The Middle East region is gaining an increasingly important role in our diversified portfolio in sustaining our successful growth trajectory.”

“Wintershall’s success is based on combining modern exploration techniques and innovative production methods for enhanced recovery from complex reservoirs. We want to use this experience to further develop technically challenging deposits in the region,” Martin Bachmann, Member of the Board of Executive Directors of Wintershall and responsible for Exploration and Production, added.

To optimize the appraisal and a future development of the Shuwaihat sour gas and condensate field, Wintershall and OMV will employ advanced technologies of the highest standards. Both companies have a proven track record in Germany and Austria of more than forty years of safe development and production of sour gas (H2S and CO2) and oil fields. A successful appraisal campaign will result in Shuwaihat being an important development of a gas and condensate field in the Western region of Abu Dhabi, contributing to cover the increasing hydrocarbon demand of the UAE and the country’s long-term export capability.

In 2010 the wholly-owned BASF subsidiary Wintershall has opened an office in Abu Dhabi - the very first one of a German E+P company in the Emirate. Wintershall’s involvement in the United Arab Emirates already stretches back over several decades with activities in Dubai, Ras Al Khaima and Sharjah. Now Wintershall wants to get more actively involved in long-term upstream projects in the Gulf Region.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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