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Latest OMV Group News

• This is Technip's largest contract to date in the UK North Sea, worth approximately €600 million (around £500 million).

• Clean CCS EBIT up 29% vs. Q4/10.
• Libyan production restarted.

• MedcoEnergi relentlessly pursues opportunities to explore, produce and deliver energy in its many forms and utilities.

• Agreement to sell its 20 percent share of licence PL435 on Haltenbanken to OMV
• Second exploration well in the licence is named Zidane-2 and is planned to be drilled later this year.

• The Norwegian Petroleum Directorate grants OMV Norge AS a drilling permit for well 6407/5-2 S in the Norwegian Sea
• Well 6407/5-2 S to be drilled from the Borgland Dolphin drilling facility
• OMV Norge AS is the operator (50%), other licensees are Norwegian Energy Company ASA (30%) and Sagex Petroleum Norge AS (20%)

• Valiant announces drilling of its first Norwegian exploration well, 6407/5-2S, on PL471 located in the Norwegian Sea
• The well is targeting Chamonix, a potentially large Cretaceous stratigraphic prospect, and the secondary Cortina prospect in the Jurassic
• The partners in license PL471 are OMV Norge (50%, operator), Noreco (30%) and Valiant (20%)

• £3 billion in the re-development of the Schiehallion and Loyal oil fields to the west of the Shetland Islands
• An estimated 450 million barrels of resource is still available
• The re-development of the fields to take production out to 2035 and possibly beyond
• "The decision is an example of BP's strategy to deliver long-term value growth through investing in the large fields and in key basins where it has extensive knowledge," says Bob Dudley

• Octanex holds a 35% participating interest in the Joint Venture while OMV holds the remaining 65% and is operator
• The work programme for the new permit requires staged exploration activities
• Based on previous successful drilling results in areas close to PEP 53537, the Kapuni Group plays are seen to be the most prospective

• Promising first results from Bina Bawi well.
• OMV as operator of the block.
• Drilling still ongoing with further investigations planned.

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