Lundin
Petroleum and OMV acquire a new exploration asset offshore Albania
Posted: 28 May 2004
Lundin Petroleum AB and OMV Aktiengesellschaft announce the signing
of a new Production Sharing Contract (PSC) with the Albanian Government
for the exploration and production of oil and gas in a new offshore
Albania block called 'Durresi'. During the first four years of the
PSC, Lundin Petroleum (50 per cent) and OMV (50 per cent, operator)
will undertake exploration activities including geological studies,
reprocessing of existing seismic lines, acquisition of 400 km2 of
new 3D seismic, and the drilling of at least one exploration well.
Lundin Petroleum and OMV took the important decision of entering
into the new offshore PSC after evaluation of the technical data
acquired under the previous onshore Block D PSC, which will be terminated.
The new PSC, and the negotiated transfer of the remaining Block
D work obligation into the new Durresi Block, is pending formal
ratification by the Albanian government.
At the signing ceremony, held in Tirana on 27th May 2004, the Albanian
Minister of Industry and Power Mr. Viktor Doda highlighted the importance
of this agreement which specifically considers the possibility for
the exploitation and commercialisation of natural gas in addition
to oil.
Ashley Heppenstall, President and CEO of Lundin Petroleum, stated:
"This new exploration activity is an important addition to
the Lundin Petroleum portfolio of exploration assets and we are
very interested in the gas potential of the Durresi Block. In the
event of natural gas discovery, we will not only seek to meet Albania's
internal requirements but seek to bring Albania into the growing
Mediterranean gas arena."
Lundin Petroleum AB
Lundin Petroleum is a Swedish independent oil and gas exploration
and production company with a well balanced portfolio of world-class
assets in Albania, France, Indonesia, Iran, Netherlands, Norway,
Sudan, Tunisia and Venezuela. The Company is listed on the O-list
at Stockholmsbörsen, Sweden (ticker "LUPE").
OMV Aktiengesellschaft
With group sales of EUR 7.64 billion in the year 2003, a staff of
6,137 and a market capitalisation of a current EUR 3.9 billion,
OMV Aktiengesellschaft is Austria's biggest listed industrial company.
OMV maintains internationally established exploration and production
activities in 16 countries and has its own integrated chemicals
companies. In addition, OMV holds a 25 per cent stake in Borealis
A/S, the world's fifth largest polyolefin producer, a 9 per cent
stake in MOL, the Hungarian mineral oil group and a 25.1 per cent
stake in The Rompetrol Group NV, the largest private oil company
in Romania. Following its establishment in 1955, the OMV group developed
rapidly and became a leading crude oil and natural gas group in
Central Europe.
For more information see www.lundin-petroleum.com
Posted by Richard Price,
Editor Pipeline Magazine
Information supplied by companies
or PR agencies who are responsible for content. Send press releases
to info@pipelinedubai.com |
