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OMV enters Namibia

Staff writer |
OMV is taking the next step to expand its exploration business in Sub-Saharan Africa by entering an offshore exploration project in Namibia.

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This is the third major milestone to build up a significant exploration position in the region after acquiring interests in Madagascar and Gabon in 2013.

OMV CEO Gerhard Roiss: "OMV is well on track to position its assets into more high-return upstream projects. Therefore it is part of OMV´s strategy to build up new exploration opportunities also in the region of Sub-Saharan Africa. By achieving this third milestone in just over six months, OMV has once again demonstrated its ability to deliver on strategic objectives."

The transaction involves the acquisition of a 65% interest in two exploration blocks by Murphy Luderitz Oil Co., Ltd. (Murphy) and OMV from the Brazilian company Cowan Petroleum.

OMV will take 25% while Murphy will be the operator of the joint venture, with an interest of 40%. Cowan will retain 20% equity, with the remaining 15% held by the Namibian national oil company NAMCOR. The joint venture partners will conduct an extensive 3D seismic program starting in Q2 2014.

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