OMV Aktiengesellschaft

17.05.2009 – 06:36 

  ad-hoc disclosure transmitted by euro adhoc with the aim of a Europe-wide
  distribution. The issuer is solely responsible for the content of this
  announcement.

OMV / Energy / Oil /  Gas /  Exploration and Production

17.05.2009

- OMV acquires a 10% share in Pearl Petroleum Company Limited - OMV 
to participate in the appraisal, development and production of two 
very large gas fields in the Kurdistan Region of Iraq - Possible 
feedstock for the planned Nabucco pipeline

OMV, the leading energy group in the European growth belt, has 
successfully expanded its E&P portfolio in the Middle East by signing
an agreement with the sellers Crescent Petroleum Company 
International and Dana Gas PJSC to acquire a 10% share in Pearl 
Petroleum Company Limited, a company which is set-up to appraise, 
develop, and produce the world class multi TCF (trillion cubic feet) 
Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq. 
OMV has made an initial payment of USD 350 mn. Contingent payments 
may be made depending on further reserves determinations.

The Khor Mor and Chemchemal gas fields have significant gas reserves 
and contingent resources including condensates and LPG which have 
been evaluated by an independent expert. Currently gas is being 
produced from the Khor Mor field and is fed into the power stations 
at Erbil and Bazian. Appraisal work on Chemchemal, the second gas 
field, will start during 2009. Further expansion of the facilities 
will increase production substantially. Based on the current 
assessment, production could reach a level of 3 bcf/d (billion cubic 
feet per day, equate to approximately 500,000 boe/d) (gross) around 
2015. These volumes will initially satisfy the requirements of local 
industry with substantial quantities available for export to 
destinations primarily Turkey and Europe via the planned Nabucco 
pipeline. The significant proceeds generated by this project will 
benefit the whole of Iraq as well as the Kurdistan Region.

Helmut Langanger, OMV Executive Vice President, responsible for 
Exploration and Production stated: "OMV is very pleased to announce a
long-term partnership between OMV, MOL, Crescent Petroleum and Dana 
Gas in this project. OMV now has the rare opportunity to participate 
in the appraisal, development and production of very large gas 
reserves close to the European market which has significant potential
to serve as feedstock for the Nabucco pipeline. This transaction will
significantly enhance OMV´s position within the Middle East 
especially as OMV sees the Kurdistan Region of Iraq as an important 
area for growth."

OMV E&P: Balanced international E&P portfolio OMV holds a balanced 
international E&P portfolio in 17 countries structured around six 
core regions, namely CEE, North Africa, Northwestern Europe, the 
Middle East, Australia/New Zealand and Russia/Caspian region. OMV's 
daily production volume was 317,000 boe/d in 2008 and the Company's 
proven reserves at the end of 2008 were approximately 1.21 bn boe.

end of announcement                               euro adhoc

Further inquiry note:

OMV
Investor Relations:
Angelika Altendorfer-Zwerenz
Tel. +43 1 40 440-21600
e-mail: investor.relations@omv.com

Press:
Michaela Huber
Tel. +43 1 40 440-21475
e-mail: michaela.huber@omv.com

Sven Pusswald
Tel. +43 1 40 440-21246
e-mail: sven.pusswald@omv.com

Internet Homepage: http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 874341
Index: ATX Prime, ATX
Börsen: Wien / official dealing