OMV enjoys summer of exploration and discoveries
It's been a good summer for OMV and its strategy to move away from the lower-margin downstream sector to focus on the more profitable upstream
On 6 September, OMV announced it had discovered sizeable oil and natural gas deposits in PL 537, a largely unexplored part of the Barents Sea, offshore Norway. Preliminary estimates, OMV said, put the size of the discovery for the drilled segment at between 60 million and 160m barrels of recoverable oil, and 10 billion to 40bn cubic feet (cf) of recoverable gas. "Considering equivalent segments, immediately adjacent to the first one, recoverable oil volumes for the [licence] PL are seen in a size order of 200 to 500m [barrels of oil equivalent]," the company said in a statement. OMV is the operator of the block and owns 25% of the licence. The UK independent Tullow Oil owns 20%, Statoil of N
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