OMV opens an office in Tyumen, West Siberia to evaluate E&P opportunities
Posted: 02 February 2005
Evaluation of investment possibilities in West Siberian oil and gas
Time frame for possible E&P activity: three to four years
Conditions for investments: stable legal framework and investment security
OMV, Central Europe’s leading oil and gas group, is examining the possibility to establish Russia as its sixth core international Exploration and Production region. The company is focusing on southern and central West Siberia, a region rich in natural resources. The opening today of an OMV office in Tyumen, the capital of the province of West Siberia, will make it possible to investigate appropriate investment opportunities on the spot. At the opening festivities were Wolfgang Ruttenstorfer, CEO of OMV, and Helmut Langanger, OMV Executive Board Member responsible for Exploration and Production, as well as high-ranking representatives of the province of West Siberia , notably its governor Mr. Sobyanin.
The office will be headed by the OMV manager Carsten Geiger, who has moved his base from Moscow to Tyumen. A total of 6 employees will work there.
Helmut Langanger commented, “With its extensive oil and gas resources and existing infrastructure, Russia, and in particular West Siberia, are very interesting to us. Therefore, we are intensifying our strategic review of the opportunities for expanding our E&P activities to the region.”
OMV will give itself three to four years to make its investment decisions.
Langanger added, “We are not under any time pressure, which means that we can take a very close look at all possibilities. A stable legal framework and investment security are important basic conditions.”
OMV’s goal is to invest in both producing oil fields and field development projects. The critical mass in engaging in production projects is around 15,000 bbl/d. In the medium term a production level of 30,000 bbl/d would be targeted.
OMV E&P is engaged in projects in five core regions: the Danube/Adriatic region, the UK North Sea, the Middle East, North Africa and Australia/New Zealand. Following the closing of the acquisition of 51% of the Romanian group Petrom, OMV now produces a total of 340,000 barrels of oil equivalent per day (boe/d) and has oil and gas reserves of approximately 1.4 billion boe
Posted by Editor Pipeline Magazine
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