OVM to Develop Pakistan's Latif Gas Field

OMV and its joint venture partners have inked an agreement to develop Latif gas field located in the Sindh province of Pakistan. OMV is the operator of Latif concession and holds a 33.34% interest. The other partners in the joint venture are Eni (33.33% interest) and PPL (33.33% interest).

The development will comprise of drilling of new wells and construction of a 50 km pipeline to transport Latif gas to the OMV operated Sawan gas plant where Latif gas will be processed and thereafter delivered to customers. OMV is targeting a net production of 5,700 boe/d from Latif in 2014.

The company said that Latif field development decision which had been stalled for some time was rendered economically feasible due to the new petroleum policy of Pakistan. This policy provides higher prices for new discoveries and for investments leading to incremental production over and above the reserves approved and certified.

The Latif gas field was discovered in 2007 in the Latif exploration license and started production under extended well testing arrangement in late 2008. The total investment for the development is expected to be EUR 107 mn. Production is expected in late 2013.