Austria’s OMV bags Irish gas prospect
Irish E&P company Island Oil and Gas has agreed an exploration licence swap with Austrian oil and gas incumbent OMV, Island announced on Monday. The deal will give OMV a 50% interest in IOG’s frontier exploration licence 3/05 (“FEL 3/05”) located 35km north of the Corrib gas field. The licence includes the Killala prospect, while IOG will receive a 50% stake in OMV’s Duressi exploration bloc off the Albanian coast in the Adriatic Sea.
A spokesman for OMV said the deal was part of OMV’s ongoing process to strengthen its position in northwest Europe. Earlier this month David Davies, OMV’s c.f.o., confirmed that the group had acquired an Irish exploration licence that had “strong potential for future growth” (see ESGM 13.159). OMV’s North Sea production currently stands at around 14,000 barrels of oil equivalent per day, divided approximately 50:50 gas and oil. DM
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