OMV has taken another step into sub-Saharan Africa by entering an offshore exploration project offshore Namibia.
The transaction involves the acquisition of a 65%-interest petroleum exploration license (PEL) 046, containing exploration blocks 2613A and 2613B, by Murphy Luderitz Oil Co. (Murphy) and OMV from Brazilian company Cowan Petroleum.
Vienna-headquartered OMV will take 25%, while Murphy will be the operator of the joint venture, with 40% ownership. Cowan will retain 20% equity, with the remaining 15% held by the Namibian national oil company NAMCOR. The joint venture partners will conduct an extensive 3D seismic program starting in Q2 this year. PEL 046 covers 11,000sq km.
The move is OMV's third entry into sub-Saharan Africa after acquiring interests in Madagascar and Gabon last year.
Jaap Huijskes, OMV executive board member responsible for exploration and production, says: “Offshore Namibia offers great exploration potential as it is largely unexplored, yet has all the elements of an effective hydrocarbon system. The transaction is fully in line with our growth strategy and our focus on the North Sea region, Black Sea and opportunities like these in Sub-Saharan Africa.”