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Adnoc, OMV sign Eastern Region exploration deal

26. June 2013

The headquarters of the Abu Dhabi National Oil Company.
Adnoc has signed an aggreement for exploration of oil and natural gas in the Eastern Region of Abu Dhabi.

Abu Dhabi National Oil Company (Adnoc) said on Monday it has signed an agreement with OMV East Abu Dhabi Exploration GmbH (OMV) to pursue exploration for oil and natural gas in the Eastern Region of Abu Dhabi.

“OMV and Adnoc will conduct a state of the art exploration programme consisting of 2D and 3D seismic acquisition and the drilling of exploration wells. If the exploration campaign is successful, Adnoc and OMV intend to jointly develop the potential discoveries in accordance with Abu Dhabi laws. The exploration activity agreement has duration of four years,” Adnoc said in a statement.

Abu Dhabi’s International Petroleum Investment Company (Ipic) holds 24.9 per cent of Austria-based OMV and is its second-largest shareholder.

Commenting on the signing of the agreement Adnoc’s Director General Abdulla Nasser Al Suwaidi said “Adnoc is looking forward to benefit from the experience and know how of the Austrian companies to develop its operations and activates in the oil and gas sector.”

In order to secure adequate and reliable supplies, Adnoc is planning to increase oil and gas reserves, Al Suwaidi said, adding that “Adnoc is exerting endless efforts to develop its exploration and production and refining infrastructure in addition to the petrochemicals through cooperation with its partners using the latest technology for oil and gas exploration and production.”

Abu Dhabi accounts for more than 90 per cent of the UAE’s crude oil output, the bulk of which is exported.

The UAE’s sustainable oil production capacity was 2.9 million bpd in May, the Paris-based International Energy Agency (IEA) said recently.

The UAE intends to increase its oil production capacity to 3.5 million bpd by 2018 to meet the rising global oil demand.

The Abu Dhabi Marine Operating Company (Adma-Opco), which is majority-owned by Adnoc, plans to invest at least $10 billion (Dh36.7 billion) developing two offshore fields to boost the firm’s crude output by 60 per cent by 2017.

As per the plan, Adnoc will spend $40 billion on crude, natural gas, petrochemical and refinery projects from 2010 through 2014. Gas projects under construction account for $25 billion of that.

Abu Dhabi aims to start producing about 500 million cubic feet a day of sour gas in 2014 from a $10 billion venture with Occidental Petroleum Corp at its onshore Shah field. The Shah field is located 210 kilometres south-west of the capital.