OMV in new gas discovery in Southern Tunisia
Source: BI-ME , Author: BI-ME staff
Posted: Wed February 17, 2010 12:03 am

TUNISIA. OMV, the leading energy group in the European growth belt, announces the discovery and successful testing of gas and condensate in its Fella-1 exploration well in the recently granted Nawara Production Concession within the Jenein Sud exploration block in southern Tunisia.

This is the fifth successive discovery in this area in the last four years and underpins the significant potential of the block.

The exploration well reached a total depth of 4,635 meters and encountered a total of 31 meters net gas and condensate pay in several Acacus Formation reservoirs at depths ranging from 3,720 to 3,980 meters.

Both the reservoir thickness and condensate yield are equal to the best seen in OMV’s previous wells in the area and exceeded pre-drill expectations. Further exploration and appraisal activities in the concession are currently ongoing with drilling and testing of additional wells to increase the resource base and to pave the way for a field development in the coming years.

Helmut Langanger, OMV Executive Board member responsible for Exploration and Production stated: ”This promising series of discoveries in our Jenein Sud exploration block supports our efforts to grow in Tunisia, an important country in our North African core region".

A single 13 meter (gross thickness) zone was tested at the base of the Acacus Formation, resulting in a flow of 16 mn cf/d (2,700 boe/d) of gas and 400 bbl/d of condensate. The total flow potential and condensate yield of this well is significantly higher.

Drilling of the next well in the block, the Ahlem-2 appraisal well, commenced on 9 February 2010. OMV and the Tunisian national oil company ETAP each hold a 50% interest in the Nawara Production Concession, 700 km south of the Tunisian capital Tunis.


Balanced International E&P portfolio 
OMV holds a balanced international E&P portfolio in 17 countries structured around six core regions, namely CEE, North Africa, Northwestern Europe, the Middle East, Australia/New Zealand and the Russia/Caspian region. OMV's daily production is approximately 317,000 boe/d and the Company’s proven reserves at the end of 2008 were approximately 1.21 bn boe.

Background information:
Condensate is a premium hydrocarbon liquid which is dissolved in saturated natural gas in the reservoir. Condensate is liquefied when the pressure and temperature reach the dew point during production.

OMV in Tunisia
OMV first became active in Tunisia in the early 1970s. The acquisition of the international E&P activities of Preussag in 2003 gave OMV access to seven producing oil fields in the southeast of the country.

The most prolific of these is the Ashtart field. OMV currently has interests in two exploration and five production licenses in Tunisia.

Its production in Tunisia amounts to approximately 9,000 boe/d in 2008. OMV operates the Jenein Sud exploration block which is situated in the Tunisian extension of the Ghadames basin. In April 2008, OMV acquired an 80% operated share in the Sidi Mansour exploration area.

OMV Aktiengesellschaft
With Group sales of EUR 25.54 bn and a workforce of 41,282 employees in 2008, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading energy group in the European growth belt, OMV is active in Refining and Marketing (R&M) in 13 countries.

In Exploration and Production (E&P) OMV is active in 17 countries on four continents. In Gas and Power (G&P) OMV sells approximately 13 bcm gas per year. Via Baumgarten, one of the most important turntables for gas in Europe, approximately 66 bcm gas is transported annually. OMV’s Central European Gas Hub is amongst the three largest hubs in Continental Europe.

OMV is the leading energy group in the European growth belt with oil and gas reserves of approximately. 1.2 bn boe, daily production of around 313,000 boe in 9m/09 and an annual refining capacity of approximately 26 mn t. As of 9m/09 OMV has 2,469 filling stations in 13 countries.

The market share of the Group in the R&M business segment in the Danube Region is now 20%.

OMV further strengthened its leading position in the European growth belt through the acquisition of 41.58% of Petrol Ofisi, Turkey’s leading company in the retail and commercial business.

In June 2006, OMV has established the OMV Future Energy Fund, a wholly owned subsidiary to support projects in renewable energy with more than EUR 100 mn to initiate the change from a pure oil and gas group to an energy group with renewable energy in its portfolio.

Corporate Social Responsibility (CSR)
OMV is a signatory to the UN Global Compact, and an active supporter to the values enshrined in its Code of Conduct.

These include a strong sense of responsibility towards the social and natural environment, especially in economically weak regions.

OMV continuously addresses economic, environmental and social issues related to its business in a responsible manner. The Company reports on its CSR activities in a sustainability report in accordance with the Global Reporting Initiative Guidelines. This report is published at the same time as the annual report.

 

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