This thread is for any news relating to UAE (or UAE-related) oil and gas companies, whether government controlled or private, can be posted, along with other snippets relating to the UAE O & G sector, including UAE comments with regards to OPEC. Snippets from other Gulf states welcome - but, where appropriate, please cross-post on specific company boards, e.g. DGO, GKP, etc. Overseas interests/activity by UAE-based companies also included.
- To reduce length 12 June 2009
- To add in Premier (PMO) JVs with EIIC and to update some of the companies: 19 November 2009
- 10 August 2010, to update and include increase RAK Petroleum share in DNO
Owned by the Government of Abu Dhabi. Majority shareholder in Dolphin Energy, a gas transmission and sales company, (with Total and Occidental). Its Mubadala Oil and Gas subsidiary has interests in South East Asia, Libya, Oman, Bahrain and more - including a JV with Chevron in Kazakhstan (announced November 2009)
Special Offer: Invest like Buffett, Slater and Greenblatt. Click here for details »
Owned by the Government of Ras al-Khaimah. Interests in Oman and East Africa (sole holder of the licences in Oman with which Indago Petroleum, IPL, were once involved.
Disclaimer:
The author may hold shares in this company. All opinions are his own. You should check any statements that appear factual and seek independent professional advice before making any investment decision.
Lamprell plc is a holding company. The Company is engaged in the provision of diversified engineering and contracting products and services to the onshore and offshore oil and gas and renewables industries. The principal activities of the Company and its subsidiaries are: the upgrade and refurbishment of offshore jackup rigs; fabrication; assembly and new build construction for the offshore oil and gas and renewable sector, including jackup rigs and liftboats; Floating Production, Storage and Offloading (FPSO) and other offshore and onshore structures; and oilfield engineering services, including the upgrade and refurbishment of land rigs. Its subsidiaries include Lamprell Energy Limited, Lamprell Investment Holdings Limited, Lamprell Dubai LLC, Lamprell Sharjah WLL, Maritime Offshore Limited, Maritime Offshore Construction Limited and International Inspection Services Limited. more »
Petrofac Limited is engaged in the provision of facilities solutions to the oil and gas production and processing industry. It operates in four segments: Onshore Engineering & Construction provides engineering, procurement and construction project execution services to the onshore oil & gas industry; Offshore Projects & Operations provides offshore engineering, operations and maintenance on and offshore; Engineering & Consulting Services provides technical engineering, consultancy, conceptual design, front end engineering and design (FEED) and project management consultancy (PMC) across all sectors including renewables and carbon capture, and Integrated Energy Services co-invests with partners in oil & gas production, processing and transportation assets, provides production improvement services under value aligned commercial structures and oil & gas related technical competency training and consultancy services. more »
Dragon Oil plc is engaged in exploration, development and production of oil and gas in Turkmenistan, Yemen and Tunisia. The Company holds a 100% interest in the Cheleken Contract Area, offshore Turkmenistan. The Cheleken Contract Area covers approximately 950 square kilometers (235,000 acres) and comprises two offshore oil and gas fields, Dzheitune (Lam) and Dzhygalybeg (Zhdanov). As of 31 December 2011, the contract area contained oil and condensate 2P reserves of 658 million barrels and contingent resources of 88 million barrels, 1.5 trillion cubic feet of 2P gas reserves and 1.4 trillion cubic feet of gas contingent resources. During the year ended December 31, 2011, it completed 13 wells, and installed a third wellhead and production platform, the Dzheitune (Lam) C. In October 2011, Dragon Oil signed a farm-in agreement with a wholly owned subsidiary of Cooper Energy Limited for a 55% participating interest in the Bargou Exploration Permit, offshore Tunisia. more »
83 Posts on this Thread show/hide all
Abu Dhabi has struck a deal with Occidental Petroleum to develop the Shah sour gas field, accordsing to this report in local paper The National:
http://www.thenational.ae/business/energy/occidental-is-awarded-shah-sour-gas-project
This is the project ConocoPhillips walked away from early last summer.
Provided the report is true - and the source is a somewhat unusual one for news from ADNOC - the deal makes Oxy a very major player in Abu Dhabi for the first time. That won't be very encouraging for ExxonMobil and Shell, both of whom had hoped to get the deal (Shell, former front-runners, having lost out to ConocoPhillips last time), or for BP and Total, the four majors whose shares in the onshore oil concession are coming up for re-negotiation before January 2014.
Man Siarad
BP have announced that their hydrogen power plant in Abu Dhabi is being delayed
http://www.timesofmalta.com/articles/view/20110119/business/bp-hydrogen-plant-awaits-abu-dhabi-s-endorsement
BP hydrogen plant awaits Abu Dhabi’s ‘endorsement’
AFP
A joint venture between BP and Abu Dhabi’s Masdar to build a $2.2 billion hydrogen power plant has been delayed as it still awaits government “endorsement,” a BP statement said yesterday.
“The HPAD (Hydrogen Project Abu Dhabi) is technically ready” to go ahead, “but still awaits final endorsement by the Abu Dhabi government,” the statement said.
“At this juncture, it is not known when that decision may be made,” it said.
Britain’s BP said it was “committed to progress the development of HPAD at the pace which is consistent with the wishes of Abu Dhabi.”
But both parties of the joint venture, BP and Masdar, have to redistribute resources while awaiting the government’s decision.
“The joint venture must responsibly manage its ongoing costs and, therefore, some redeployment of both BP and Masdar HPAD resources onto other activities is ongoing,” it said.
The statement did not elaborate on the reasons behind the delay on the government’s side.
The project which was agreed upon in 2008 aimed to generate electricity, equivalent to five percent of Abu Dhabi’s needs at the time, and reduce carbon dioxide emissions by capturing 90 per cent of CO2 emitted by the plant and injecting it back into oil fields.
Masdar is Abu Dhabi government’s initiative to promote renewable and clean energy.
Quite a setback for Abu Dhabi's EOR plans - tests elsewhere have shown that injection of CO2 can significantly increase the amount of oil recovered from reservoirs. A pilot programme has been running recently in the onshore Rumaitha oilfield.
Man Siarad
Another Dubai-based oil services firm, Topaz Energy & Marine, is considering a London listing and fund-raising
JPMorgan Cazenove has been appointed by Dubai-based oil services firm, Topaz Energy and Marine to advise on a possible flotation on the London Stock Exchange, Financial Times has reported, citing a person familiar with the situation. The final decision on the matter will be made within the next two months, the person said. The company is looking to raise "several hundreds of millions of pounds" to expand its businesses in the Gulf and the Caspian Sea as well as smaller operations in West Africa and brazil, he said
website here:
http://www.topazworld.com/
Given the success of Petrofac and Lamprell, this might be worth watching.
Man Siarad
I didn't have time to post this earlier - Abu Dhabi's IPIC are buying Total's 48.83 per cent share of Spanish refiner CEPSA, taking them to 95.89 per cent, (and presumably the remaining shareholders will accept the offer too)
http://gulfnews.com/business/oil-gas/ipic-makes-4b-offer-for-total-s-cepsa-holding-1.763412
With the deal worth around about €4 billion, this suggests that IPIC is feeling flush with cash again - what, I wonder, might they go for next?
As a bit of background, IPIC www.ipic.ae . chaired by the UAE Minister for Presidential Affairs, Sheikh Mansour bin Zayed Al Nahyan, a half-brother of the UAE President, have traditionally been very much focussed on downstream O & G, although in the last few years, they've diversified away from energy into a whole host of other areas - often without much of a coherent strategy, IMO.
Overseas upstream acquisitions have beem made mainly by the O & G unit of Mubadala, another company owned by the Government of Abu Dhabi., which comes under the AD Crown Prince, Sheikh Mohammed bin Zayed, the older full brother of Mansour.
SHARJAH //
Publicly traded companies in the Emirates have been looking to a potential merger of the country's two major bourses to help to raise trading volumes that have fallen sharply. Consolidation of the country's markets could also help to attract foreign investors, which account for just 3 per cent of ownership.
Dana is one of only two publicly traded UAE oil and gas producers. The other is the government-controlled Abu Dhabi National Energy Company, or Taqa, which also has electricity assets. Both companies are listed on the Abu Dhabi Securities Exchange.... (more)
Two years after receiving its first imports of liquefied natural gas (LNG), Dubai may seek to develop export capacity so it can become a trading and transportcentre for the fuel.
"We have begun to talk about how we might form a gas hub," said Paul Mason, the manager of the Dubai Supply Authority (Dusup), which is owned by the emirate's Government.
"We have the ability to import LNG but not the ability to export, so that might be the logical next step," he told the Dubai Global Energy Forum yesterday.
Dubai is already an oil trading centre, with the Dubai Mercantile Exchange (DME), launched in 2007, aiming to establish its Oman crude oil futures contract as a pricing benchmark for the Asian market. That is in spite of the emirate's dwindling crude oil output, which is understood to be less than 70,000 barrels a day.
Establishing a physical hub for receiving, storing and exporting natural gas, especially in the super-chilled liquid form that can be shipped overseas, would be an initial step towards establishing a market-based Asian pricing and trading centre for LNG and financial derivatives such as gas futures contracts.
Dusup has made a start by building a floating receiving facility for LNG imports and developing undersea gas storage in a tapped-out oilfield off the coast of Dubai.
The emirate's floating LNG "regasification" terminal, developed through the conversion of the Golar Freeze tanker, was installed in time to start receiving summer imports two years ago. The terminal was the first of its kind in the Middle East and among the first in the world....(more)
Bad news for followers of Dragon Oil DGO.L ?
Its majority shareholder, the Dubai Government-owned Emirates national Oil Company, ENOC, says it is planning some acquisitions of its own.
http://english.alrroya.com/content/dubai-refiner-enoc-seeks-oilfield-assets
Emirates National Oil Co (Enoc), Dubai’s government-owned refiner, says rising crude prices are making it harder for the company to find oilfield assets that would make suitable acquisitions.
“We are looking,” Chief Executive Officer Saeed Khoory said yesterday in an interview in Dubai, the second-largest sheikhdom in the United Arab Emirates. “There’s not a lot going on now. Prices have risen.”
Crude oil in New York has gained almost 20 per cent this year, exceeding $110 a barrel this month, amid unrest and rebellions that have swept Arab states including Libya, the holder of Africa’s largest reserves. While the UAE is the fourth-biggest producer in Opec, Dubai itself must import energy.
Enoc, as the refiner is known, would prefer investing in oil fields producing crude that it could sell elsewhere, Khoory said. The company is targeting acquisitions that would cost several hundred millions of dollars, he said.
That doesn't sound to me as though ENOC are planning to embark on acquisitions through DGO, though I may be mistaken, of course.
So what ARE they planning for DGO? Another attempt to buy out the minority shareholders ? That would have to invovle a bid of at least 650 p per share, in my view, perhaps 700 p. Or selling off part of their stake (they wouldn't have much difficulty in finding buyers, IMO), to increase the size of the pot available for acquisitions by ENOC?
Given the fact that ENOC are losing money on their retail sales in the UAE, I wonder whether they actually have 'several hundred million dollars' in the kitty for acquisitions. IF, however, they hold on to their DGO stake, but also arranged for DGO to declare a large dividend out of its cash pile, that might provide some of the money they need.
ENOC these days comes under Dubai's recently-created Supreme Council for Energy, whose secretary general is a former head of Shell operations in Abu Dhabi. I wonder whether Shell feel like taking a stake in DGO, to provide a way into Turkmenistan?
Man Siarad
TAQA are planning to hedge half of their North American and North Sea oil and gas production to lock in funds required for future capital expenditure, including on the Dutch Bergermeer gas storage complex
http://www.thenational.ae/business/energy/taqa-aims-to-secure-1-8bn-for-expansion
Taqa aims to secure $1.8bn for expansion
Tamsin Carlisle // $("html>head").prepend(""); $("html>head").prepend(""); //
Last Updated: Apr 21, 2011
The Abu Dhabi National Energy Company, also known as Taqa, plans to use high oil prices to ensure funds for a coming US$1.8 billion (Dh6.61bn) capital investment programme.
The government-controlled company, listed on the Abu Dhabi Securities Exchange General Index, has budgeted this year for projects that include power plant expansions and the construction of a large gas storage and distribution centre. This year's investment programme is $400 million more than last year's capital expenditures.
To ensure cash flow to fund this year's capital programme, Taqa is seeking to sell forward 50 per cent of its projected future oil and gas production from North America and the North Sea for the next 18 months, locking in recent crude prices above $100 a barrel....
And the Dragon IMS
http://www.investegate.co.uk/Article.aspx?id=201104210700092972F
Highlights:
Key highlights for 1Q 2011
- Three new wells were put into production in the period from 1 January 2011 to date;
- The average daily production rate was approximately 57,800 barrels of oil per day ("bopd") in 1Q 2011; and
- Capital expenditure on infrastructure and drilling was approximately US$74 million for 1Q 2011.
Cash balance:
Cash and cash equivalents
The cash and cash equivalents and term deposits at 31 March 2011 were approximately US$1,309 million (31 December 2010: US$1,337 million), including US$188 million (31 December 2010: US$174 million) set aside for abandonment and decommissioning activities.
And - Aha - the maiden dividend, with a promise of more in years to come.
Dividend in respect of 2010
The Board of Directors of Dragon Oil recommended the payment of a full-year maiden dividend of US cents 14 per share in respect of 2010 in recognition of the Group's solid performance, strong financial position and cash generation abilities.
The dividend will be paid on 27 May 2011 to shareholders on the register as of 3 May 2011 subject to shareholder approval at the forthcoming Annual General Meeting to be held on 18 May 2011 at the London Hilton Hotel. In subsequent years, the dividend will be split between an interim and final dividend and paid approximately half-yearly.
I assume that here they mean APRIL, not February?
The following is the dividend timetable for the shareholders' information:
21 February 2011: Declaration of final dividend
27 April 2011: Ex-Dividend Date
3 May 2011: Record Date
18 May 2011: Annual General Meeting
27 May 2011: Dividend Payment Date.
That should provide ENOC with a bit more cash.
No mention of plans to diversify away from Turkmenistan, I see
Abu Dhabi is putting US $ 850 into the Glencore IPO, according to this Reuter's story this morning:
http://www.arabianbusiness.com/abu-dhabi-s-aabar-commits-850m-glencore-ipo--397774.html
Abu Dhabi's Aabar Investments has committed to invest $850m in Glencore International AG's $10bn initial public offering, becoming the biggest cornerstone investor in the offering, according to a term sheet seen by Reuters on Wednesday.
Government of Singapore Investment Corp (GIC) was investing $400m, while BlackRock Inc was investing $360m, the term sheet showed.
Other cornerstone investors included Credit Suisse Private Bank and Och Ziff, both agreeing to buy $175m worth of shares, the term sheet showed.
Aabar, IIRC, is 90+ % owned by the Abu Dhabi Government's International Petroleum Investment Company, IPIC.
Discussions about further Abu Dhabi SWF investments in O & G under way, I gather.
Man Siarad
Since the UAE's Dana Gas have announced plans to list in London later this year (see above), the 1st Quarter results may be of more than fringe interest.
And the KRG Premier was in Abu Dhabi earlier this week for what seem to have been VERY friendly talks on developing co-operation - in O & G as well as in other areas.
http://www.thenational.ae/business/energy/egypt-and-iraqi-kurdistan-fire-up-profits-for-sharjahs-dana-gas
Egypt and Iraqi Kurdistan fire up profits for Sharjah's Dana Gas
Tamsin Carlisle // $("html>head").prepend(""); $("html>head").prepend(""); //
Last Updated: May 12, 2011
The private-sector company, whose stock trades on the Abu Dhabi Securities Exchange, posted net income of Dh92 million (US$25.07m) for the first three months of this year, up 180 per cent from the first quarter of last year. Revenue rose 50 per cent to Dh616m.
"This outcome is driven by [a] 34 per cent increase in production from Egypt and the Kurdistan region of Iraq," said Ahmed al Arbeed (CK), the chief executive of Dana.
A string of gas and condensate discoveries in Egypt's Nile Delta since 2007 has bolstered Dana's reserves as the company has rapidly expanded its output from the region that generates the bulk of its revenue. Dana announced its 22nd Egyptian gas strike earlier this month.
The company said it produced 4.25 million barrels of oil equivalent (boe) from Egypt during the first quarter, up 20 per cent from the comparable period of last year.
"We have continued our operations uninterrupted throughout the changes to the Egyptian political landscape," Mr al Arbeed noted.
In Kurdistan, Dana and its partners Crescent Petroleum (CK), OMV (CK) and MOL (CK) have recently completed a gas processing plant, enabling them to produce a sales stream of liquid petroleum gas (LPG). Previously the group supplied gas free of charge to local power plants while stripping out only condensate, a type of light oil, for separate sale.
Dana's 40 per cent share of gas, LPG and condensate production from the Khor Mor field in Kurdistan totalled 1.75 million boe in the most recent quarter, an 80 per cent increase from the January to March period of last year. The more gas the group pumps, the more liquids it can sell.
"Gas production from Khor More will increase as demand from the power stations increases and as new customers in the region are established," Dana predicted.
Man Siarad
For the sake of completeness - these RNSs today also posted on the 'Bargain Oil Services' thread
1. IMS
http://www.investegate.co.uk/Article.aspx?id=201105190700178977G
2. announcement of the purcahse of Oslo-listed Maritime Industrial Services Co. Ltd. Inc. ("MIS"), to be funded by a rights issue and new bank facilities
http://www.investegate.co.uk/Article.aspx?id=201105190700278979G
Monaco-based Rex Oil and Gas have been awarded a concession for the offshore areasa of Eastern Sharjah (i.e. off the towns of Khor Fakkan and Kalba, in the Gulf of Oman).
http://www.khaleejtimes.com/biz/inside.asp?xfile=/data/uaebusiness/2011/June/uaebusiness_June24.xml§ion=uaebusiness
IIRC, only one well has been drilled off the UAE East Coast, near Dibba, (in waters belonging to Fujairah emirate). That proved the geology to be rather unpromising and rather complex, I recall.
There been some mention of them having an agreement to operate an offshore field in Ra's al-Khaimah, but I can't find any link on that
Rex also won an offshore concession in Oman earlier in the year - with a somewhat unlikely partner, Petroci, the Cote d'Ivoire national oil company
http://www.oilandgasinsight.com/file/96868/unlikely-partners-sign-block-50-deal-as-regional-upheaval-reaches-oman.html
More here
http://omanobserver.om/node/42221
They also have aspirations in India, Indonesia, New Zealand and elsewhere in the Asia-Pacific region.
http://www.energyasia.com/public-stories/singapore-loyz-oil-partners-rex-oil-gas-to-explore-in-asia-pacific-region
EnergyAsia, March 23 2011, Wednesday) --- Singapore-based Loyz Oil Pte Ltd said it and Rex Oil & Gas Ltd will jointly explore for hydrocarbon resources in 35 areas in the Asia-Pacific region including India, Indonesia and New Zealand.
Loyz, the exploration subsidiary of Singapore Exchange-listed Sim Siang Choon Ltd (SSC), said it will identify potential areas while Rex will use its proprietary technologies to conduct studies. The parties are to sign a definitive agreement within 45 days of the fulfilment of conditions set out in a term sheet...
Rex Oil & Gas was founded by Karl Helge Tore Lidgren, Hans Ove Leonard Lidgren and Svein Kjellesvik, pioneers in exploration technology who hail from internationally renowned oilfield services companies.
I've not been able to find out much more about Rex - can anyone help?
Interesting shenanigans at the DNO AGM - the long time chairman Berge Larsen has been voted out, with a nominee from RAK Petroleum, Bijar Mossavar-Rahmani, taking his place.
http://www.gulfinthemedia.com/index.php?m=economics&id=565018&lang=en
Arab News - 10 June, 2011
Since RAK began buying shares in DNO two years ago analysts have speculated it may buy the whole company, whose primary producing asset is the Tawke oil field in Iraqi Kurdistan.
Bijar Mossavar-Rahmani, RAK's chief executive since 2008, was named chairman of the DNO board at the company’s annual general meeting on Thursday, the company announced.
Thrown off was Berge Gerdt Larsen, who had served as DNO's executive board chairman since 2002 and chief executive from 1996 to 2002.
RAK now holds a 30 percent stake in DNO.
Inpex, Total and Abu Dhabi's Mubadala are going ahead with the US $ 500 million development of the Ruby gas field offshore Indonesia
http://www.emirates247.com/business/mubadala-gets-indonesia-nod-for-ruby-gas-field-2011-06-21-1.403908
and
http://uk.reuters.com/article/2011/06/21/energy-gas-indonesia-idUKL3E7HL0YH20110621
This thread has been rather quiet over the last twelve months, but perhaps it's time to reactivate it, since it seems that serious discussions are now getting under way on the future of Abu Dhabi's main onshore oil concession
A story from today's The National about a visit by BP's Bob Dudley.
http://www.thenational.ae/business/energy/bp-woos-abu-dhabi-over-oil-deal-renewal
Dudley tied his visit into a meeting of a new UAE-UK Business Council, led by Lord Green from the UK end, with the UK delegation including a number of leading British businessmen.
The Abu Dhabi onshore concession, operated by ADCO, expires 11th January 2014. Current foreign shareholders are BP, Shell, ExxonMobil, Total (all with 9.5 per cent) and Partex with 2 per cent. ADNOC own the other 60 per cent.
Man Siarad
Abu Dhabi's IPIC have increased their stake in Austria's OMV to 24.9 per cent.
Expect, IMO, to see more co-operation in Central Asia and in Iraqi Kurdistan between OMV and UAE interests.
http://af.reuters.com/article/commoditiesNews/idAFL5E7L32JE20111003
UPDATE 2-Abu Dhabi extends reach at oil group OMV
// var csvSymbolIds = ""; var quoteLink = "false"; //
* IPIC stake had been 20.4 pct
* Move follows OMV strategy revamp
* Shares extend losses, down 2.8 pct (Adds statement from OMV's biggest shareholder)
VIENNA, Oct 3 (Reuters) - Abu Dhabi's investment fund has raised its minority stake in OMV , two weeks after the Austrian oil and gas group said it would offload unprofitable refining and marketing assets.
International Petroleum Investment Company (IPIC) raised its stake to 24.9 percent from 20.4 percent, OMV said in a statement on Monday. This means is just shy of a blocking minority in the Vienna-based group.
Austrian state holding company OeIAG, OMV's biggest shareholder with 31.5 percent, said it welcomed the move.
"This underlines the attractiveness of OMV as a company with growth potential in its core markets," it said in a statement.
and more...
Abu Dhabi's Mubadala have farmed into to a Dominion DPL licence in Tanzania - their first venture into East Africa.
I'll take the lazy option and post the link to my post on TMF
http://boards.fool.co.uk/ah-i-wondered-when-mubadala-would-finally-get-12378109.aspx
Man Siarad
Oops - I forgot to mention Mubadala's JV with Petrofac, PFC, which is doing quite nicely in Abu Dhabi
IPIC are now eyeing yet more of OMV
http://af.reuters.com/article/commoditiesNews/idAFV9E7MI00C20111206
VIENNA Dec 6 (Reuters) - Abu Dhabi sovereign wealth fund IPIC plans to raise its stake in energy group OMV to at least 25 percent, the Austrian competition agency said in a statement on Tuesday.
IPIC had already raised its stake in OMV to 24.9 percent in October, calling the Vienna-based group a "cornerstone" of its portfolio. Austrian state holding company OeIAG holds a 31.5 stake in OMV.
As IPIC already have 24.9 % (see #80), I would assume this announcement may mean that they're after more than another 0.1 per cent.
OMV is already firmly controlled by the partnership of the Austrian and Abu Dhabi Governments,
I see also that OMV are planning to sell their downstream interests in Croatia and Bosnia-Herzegovina
http://www.4-traders.com/OMV-AG-6492022/news/OMV-AG-OMV-intends-to-sell-its-subsidiaries-in-Croatia-and-Bosnia-Herzegovina-13921075/
with the following strategy:
The OMV strategy is to sharpen up and simplify the company portfolio. This includes gradually shifting the portfolio away from Refining and Marketing towards Exploration and Production and Gas and Power. In this context, OMV's Turkish subsidiary, OMV Petrol Ofisi, already sold its 52% stake in the Cypriot retail company Kibris Türk Petrolleri Limited Sirketi end of November 2011.
Some further announcements related to collaboration between OMV and IPIC (or perhaps other AD Government-owned entities, like Mubadala) may well be in the pipeline, I suspect. An acquisition being planned? OMV is already active in Kurdistan.
http://www.thenational.ae/featured-content/channel-page/business/energy/oil-strike-in-iraq-holds-promise-for-abu-dhabi
OIl has been struck in Iraqi Kurdistan by the Austrian petroleum group OMV, which is partly owned by an Abu Dhabi sovereign wealth fund.
OMV, in which the International Petroleum Investment Company holds a 20 per cent stake, said its Bina Bawi 3 well had encountered hydrocarbons in one of the primary reservoir targets. The company said it planned to investigate further.
"We are very pleased to announce this discovery of oil. It seems good quality oil and it was flowing to the surface following a drawdown test," said Jaap Huijskes, the OMV executive board member responsible for exploration and production. "We are now going to continue drilling but I am confident that the final results will be promising."...
OMV has stakes in five Kurdish oil and gas exploration blocks. It also has a 10 per cent interest in the region's Pearl Petroleum gas development project, led by Sharjah's Crescent Petroleum and Dana Gas.
It looks as though something is afoot, anyway.
Man Siarad