OMV, Murphy acquire oil blocks offshore Namibia

04 Apr 2014 12:00

Austria's largest oil and gas company OMV AG said Thursday it is
entering an exploration project offshore Namibia, continuing its
expansion in Africa.

OMV and Murphy Luderitz Oil Co., a subsidiary of the U.S. oil and gas
company Murphy Oil Corp, acquired a 65% interest in two exploration
blocks from the Brazil's Cowan Petroleum.

OMV is taking a 25% stake, while Murphy Luderitz, which will become
operator of the joint venture, acquires 40%. Cowan Petroleum retains a
20% stake and the remaining 15% is held by Namibian national oil
company NAMCOR.

The acquisition "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," said Jaap Huijskes, OMV executive board member
responsible for exploration and production.

This is the third acquisition for the Austrian company in Sub-Saharan
Africa after acquiring interests in Madagascar and Gabon last year.

In response to unrest over the past years in Northern Africa, OMV has
made a push to expand into more new and more stable regions.

"OMV is well on track to position its assets into more high-return
upstream projects," Gerhard Roiss, OMV's chief executive, said.

The joint venture partners will conduct an extensive 3D seismic
program starting in the second quarter.-