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OMV Sells E&P Assets in Qatar

Source: www.gulfoilandgas.com 8/25/2005, Location: Middle East

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OMV, the leading oil and gas group in Central Europe, signed on August 22 a sales agreement with Marubeni Corporation of Japan for its 7.5% interests in block 12 and 13 in Qatar. OMV´s share of production was about 1,100 bbl/d (FY04). The disposal is part of OMV’s E&P portfolio rationalization. The Partners agreed not to disclose the sales price. Completion of the transaction is subject to approvals by the Qatar Government and the consortium partners, which are expected within the next few months. The deal will have commercial effect dating from January 1, 2005.

The Qatar assets were acquired by OMV in 2003, as part of the acquisition of the international E&P portfolio of Preussag Energie International GmbH. They comprise non-operated working interests of 7.5% in the producing Block 12 Al Rayyan Field and in the exploration Block 13. Both blocks are located in shallow water offshore Qatar.

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