OMV to Boost Exploration, Appraisal Spend in 2013

Austria's OMV said Thursday that it will see a significant increase in its exploration and appraisal expenditure during 2013 compared to 2012.

Reporting its fourth quarter results for 2012, the firm said its plans include high-impact wells this year at Bonna, Wisting and Apollo in the Barents Sea, as well as at Matuku, offshore New Zealand.

OMV said it was expecting a final investment decision in 2013 for the North Sea's Rosebank project, offshore the Shetland Islands, in which it has a 20-percent stake. Meanwhile, in Romania it expects further exploration to take place on the Neptun block after an ongoing 3D seismic survey there is completed.

In Libya, the firm expects production to remain at current levels after volumes recovered in 2012. Production in Libya was badly disrupted in 2011 by the revolution in the country.

OMV warned that the security situation remains volatile in Yemen, where it has recovered production following the repair of an export pipeline.

In the Kurdistan region of Iraq, OMV said that extended well test facilities for its Bina Bawi development are under construction and production testing for sale into the local market is expected to start during the first half of this year.

For 2013 OMV expects production will be broadly similar to that achieved in 2012. Total hydrocarbon production for the fourth quarter of 2012 came in at 301,000 barrels of oil equivalent per day (4Q 2011: 289,000 boepd).

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