Petroleum Mining Permit for Pohokura Gas Field
For immediate release
8 October 2004
OMV New Zealand and Partners Awarded Petroleum Mining Permit for Pohokura Gas Condensate Field
Helmut Langanger, OMV AG Executive Board Member for Exploration and Production, today announced today a significant step forward for OMV AG’s 100 per cent. owned subsidiary, OMV New Zealand Limited, with the award by the New Zealand Government of Petroleum Mining Permit 38154 (PMP 38154) for development and production from the Pohokura gas condensate field offshore New Zealand. This will be New Zealand’s most significant petroleum development since the now declining Maui Field was brought into production in 1979.
The permit covers an area of approximately 156 km2 immediately offshore from the North Taranaki coast. The permit provides OMV New Zealand and its partners the exclusive right to develop and produce from the Pohokura field for at least 32 years.
“The award of this permit is the next significant step for bringing the Pohokura field into production as it provides the New Zealand Government’s approval of the development,” said Helmut Langanger.
“New Zealand is a core area in OMV’s international exploration and production portfolio and award of this permit strengthens our New Zealand business. Our large investment in the Pohokura development demonstrates OMV ’s on-going commitment to New Zealand”.
As previously announced OMV New Zealand has entered into a contract to sell an initial tranche of its share of gas from the Pohokura field to Contact Energy Limited.
OMV New Zealand holds a 26% interest in the Pohokura field and its joint venture partners in the Pohokura field are Shell Exploration NZ Ltd (30%), Shell (Petroleum Mining) Company Ltd (18%) and Todd Pohokura Ltd (26%).
Along with its interest in Pohokura, OMV New Zealand currently holds interests in the Maui (10%) and Maari (69%) petroleum fields and six exploration blocks. In addition to these interests, OMV New Zealand is continuing to investigate new opportunities for oil and gas exploration in New Zealand.
Note to media:
OMV Aktiengesellschaft, with Group sales of EUR 7.64 billion and 6,137 employees in 2003, and a current market capitalization of EUR 5 billion, is Austria´s largest listed industrial company. As the leading oil and gas group in Central Europe, OMV is active in 12 CE countries in Refining and Marketing (R&M). OMV has set a goal of doubling its 2001 market position from 9% in 2001 to 20% by 2008.
In Exploration and Production (E&P) OMV is active in 16 countries on five continents and plans to double its oil and gas production to 160,000 boe/d by 2008. In the Gas segment, OMV has storage facilities as well as a 2000 km pipeline system and transports 41 bcm annually to countries like Germany or Italy. The OMV Group also operates integrated chemical and petrochemical plants and holds a 25% stake in Borealis A/S, one of the world´s leading polyolefins producers. Other important holdings are: 50% of EconGas GmbH, 45% of the BAYERNOIL-Raffinerieverbund, 9% in the Hungarian petroleum company MOL, and a 25.1% stake in The Rompetrol Group, the largest private oil company in Romania.