OMV expands its E&P portfolio by investment in the Kurdistan Region of Iraq

Wien (OTS) - - 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.

Note to Editors
Partners in Pearl Petroleum Company

Limited                                                                                                
Crescent Petroleum Company International (joint operator)     
40%                                                         Dana Gas
PJSC    (joint operator)                 
40%                                                         OMV
Upstream GmbH (100% subsidiary of OMV E&P GmbH)     
10%                                                         MOL
Hungarian Oil & Gas Public Limited Company         10%
OMV will consolidate its stake in Pearl Petroleum Company Limited
at-equity.

Dana Gas JPSC is the first regional private-sector natural gas
company in the Middle East and listed on the Abu Dhabi Stock Market.
Crescent Petroleum is the oldest private exploration and production
company in the Middle East. Both companies are headquartered in

Sharjah in the United Arab Emirates. 

OMV in Kurdistan Region of
Iraq

Since November 2007, OMV Petroleum Exploration GmbH is the operator
of two production sharing contracts for Mala Omar and Shorish blocks
in the Kurdistan Region of Iraq. A 2D seismic survey over the blocks
was acquired in 2008 and an exploration well is planned for Q4/09.

OMV Aktiengesellschaft
With Group sales of EUR 25.54 bn and a workforce of 41,282 employees
in 2008, OMV Aktiengesellschaft is one of Austria’s largest listed
industrial companies. As the leading energy group in the European
growth belt, OMV is active in Refining and Marketing (R&M) in 13
countries. In Exploration and Production (E&P) OMV is active in 17
countries on four continents. In Gas & Power (G&P), OMV sells
approximately 13 bcm gas per year. Via Baumgarten, one of the most
important turntables for gas in Europe, approximately 66 bcm gas is
transported annually. OMV’s Central European Gas Hub is amongst the
three largest hubs in Continental Europe.
OMV is the leading energy group in the European growth belt with oil
and gas reserves of approximately 1.2 bn boe, daily production of
around 317,000 boe and an annual refining capacity of approximately
26 mn t. OMV has 2,477 filling stations in 13 countries. The market
share of the group in the R&M business segment in the Danube Region
is 20%.
OMV further strengthened its leading position in the European growth
belt through the acquisition of 41.58% of Petrol Ofisi, Turkey’s
leading company in the retail and commercial business.
In June 2006, OMV has established the OMV Future Energy Fund, a
wholly owned subsidiary to support projects in renewable energy with
more than EUR 100 mn to initiate the change from a pure oil and gas
group to an energy group with renewable energy in its portfolio.

OMV: Corporate Social Responsibility (CSR)
OMV is a member of the U.N. Global Compact and actively committed to
the values enshrined in its Code of Conduct. These include a strong
sense of responsibility towards the social and natural environment in
economically weak regions. OMV works hard to address economic,
environmental and social issues related to its operations. Its CSR
activities are fully documented in biannual performance reports
compiled according to Global Reporting Initiative guidelines.

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   Email: [email protected] 
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