After acquiring an interest in offshore Madagascar earlier this year, OMV is taking the next step to build an exploration business in Sub-Saharan Africa. OMV signed binding agreements to farm-in with Ophir Energy, an independent exploration company listed on the London Stock Exchange.
OMV CEO Gerhard Roiss: "It is part of OMV's strategy to build up new exploration business in the region of Sub-Saharan Africa. The first step has been taken with the entry into Madagascar which is now followed by a new exploration venture in Gabon. These projects are the basis for long-term growth in the region."
The transaction covers a significant interest in a portfolio of high-potential exploration acreage offshore Gabon, a country which has been a significant West African oil producer since the 1960s. Jaap Huijskes, OMV Executive Board member responsible for Exploration and Production: "OMV will gain in a first step an interest in more than 12,000 km2 exploration acreage in 4 blocks and participate in 3 wells to be drilled in the course of 2014." The wells are targeting substantial exploration prospects including subsalt targets. In addition, a comprehensive 3D seismic campaign is planned.
The transaction is subject to the approval of the Government of Gabon and the joint venture partners.
