Austrian OMV successfully completes acquisition of entire share capital of Petronas E&P operating entity in Pakistan

Karachi: Austrian fuels group OMV Tuesday said it successfully completed acquisition of the entire share capital of Petronas’ E&P operating entity in Pakistan from Petronas International Corporation Limited (Petronas) as of July 11, 2011.

The government of Pakistan has provided its non-objection to the share transfer and change of control transaction pursuant to applicable laws in Pakistan. “The acquired production, development and exploration licenses will strengthen OMV’s position in top league of foreign gas producers in Pakistan. OMV is well on the way to achieve goal of increasing equity production in Pakistan to around 25,000 boe/d by 2014,” commented Jaap Huijskes, member of OMV Executive Board responsible for Exploration & Production.

The acquired portfolio considerably strengthens OMV’s position in Pakistan. With completion of share and change of control transaction, OMV increases its production by about 1,000 boe/d to 15,000 boe/d. Acquisition includes Mubarak & Mehar exploration licenses as well as Mehar & Mubarak development and production leases in Indus Basin in central Pakistan.

“Through this acquisition, Pakistan gains a strong strategic position within E&P portfolio and will help OMV reach its long-term growth objectives,” OMV said in a statement. OMV started operating in Pakistan in 1991. Current gross production operated and processed by OMV (Pakistan) amounts to 530 mn scf/d (90,000 boe/d), which represents around 13% of Pakistan’s gas supplies.

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