Adnoc, OMV to Search for Oil, Gas in Abu Dhabi

The Abu Dhabi National Oil Company (ADNOC) and OMV East Abu Dhabi Exploration (OMV) signed a deal to pursue exploration for oil and gas in the Eastern region of Abu Dhabi.

OMV and ADNOC will conduct exploration program consisting of seismic acquisition and the drilling of exploration wells. If the exploration campaign is successful, ADNOC and OMV intend to jointly develop the potential discoveries, OMV said in a statement. The exploration activity agreement has a duration of four years.

This exploration undertaking is a strategic supplement to OMV´s participation in the Shuwaihat field appraisal project which was signed in 2012. Together, the projects should provide a shorter and longer term contribution to Abu Dhabi’s plan to increase production and reserves, OMV said.

OMV CEO Gerhard Roiss said: 'With this step OMV is on the way to foster its upstream position in the Middle East. Above this we are broadening the cooperation with Abu Dhabi beyond the field of petrochemicals.'

A successful exploration campaign might lead to hydrocarbon discoveries and potentially to the development of oil, gas and condensate fields in the Eastern region of Abu Dhabi, OMV said. This would help to cover the increasing energy demand of the United Arab Emirates and the country’s long-term export capability.