OMV Starts Oil Production in Yemen and was Awarded A New Exploration Licence

Source: www.gulfoilandgas.com 12/27/2006, Location: Middle East

OMV started oil production with early production facilities in Block S2 (Al Uqlah) in Yemen on December 23, 2006. Initially, the daily production rate of the first production well Kharwah-1 is approx. 1,000 barrels (bbl).

The further development of the oil field, operated by OMV, is carried out in two phases. In the first phase a daily production of 11,000 bbl should be achieved by 2008. In the second phase production will be increased to 32,000 bbl/d as of 2009/2010. Proved reserves amount to approx. 50 mn bbl. The field is expected to have a lifetime of at least 20 years. Furthermore OMV was awarded a new exploration licence on December 9, 2006, which will boost OMV´s Yemen portfolio.

The development area for oil discoveries in Block S2 comprises an area of approx. 1,000 square km in central Yemen. Investments for the first development step amount to USD 85 mn. Current estimates for the full field development, including phases 1 and 2, are USD 250 to USD 300 mn. Block S2 is situated close to Block 2 (Al Mabar), for which OMV signed a Production Sharing Agreement (PSA) on July 13, 2005.

On Dec. 9, the Ministry of Oil and Minerals announced the winners of the Third Exploration Licensing Round. OMV as operator was awarded Block 29 in the Jeza-Qamar Basin together with joint venture partner Pakistan Petroleum Limited (PPL.KA). Both partners have a 50%-share in this project. The block is located in the Eastern part of Yemen and covers an area of 9,237 square kilometers. Exclusive negotiations for a Production Sharing Agreement will commence shortly.


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