ADNOC and OMV sign joint exploration deal

oilpump-omv-paul lowry flickrOMV has announced that it has signed an exploration agreement with Abu Dhabi National Oil Company (ADNOC) to jointly explore oil and gas onshore eastern Abu Dhabi

The four-year agreement will see the pair acquire seismic data in the region and potentially drill exploration wells.

The Austrian oil and gas firm said that any discoveries made in the region would then be jointly developed with ADNOC, Reuters reported.

Gerhard Roiss, chief executive of OMV, said, “With this step, OMV is on the way to foster its upstream position in the Middle East.

The company added that the exploration agreement was a strategic supplement to its participation in the Shuwaihat gas field appraisal project which was signed in 2012 with ADNOC and Wintershall.



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