NEWS ROOM  
 

:: Company News

 
     
  ARCHIVE  
  :: 2003  
     
     
     
     
     
     
     
     
     
     
 

COMPANY NEWS

 
     
 

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

 
     

 

© Copyright 2002. Reflex Publishing ME FZ LLC. All rights reserved.
Pipeline Magazine, PO Box 53777, Dubai Media City, Dubai, UAE
Tel: +971 4 3910 830 | Fax: +971 4 390 4570 | E-mail - info@pipelinedubai.com