EANS-Adhoc: OMV Aktiengesellschaft / OMV expands its E&P portfolio by investment in the Kurdistan Region of Iraq

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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.

Further inquiry note:
OMV
Investor Relations:
Angelika Altendorfer-Zwerenz
Tel. +43 1 40 440-21600
e-mail: [email protected]

Press:
Michaela Huber
Tel. +43 1 40 440-21475
e-mail: [email protected]

Sven Pusswald
Tel. +43 1 40 440-21246
e-mail: [email protected]

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

end of announcement euro adhoc
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emitter: OMV Aktiengesellschaft
Otto-Wagner-Platz 5
A-1090 Wien
phone: +43 1 40440/21600
FAX: +43 1 40440/29496
mail: [email protected]
WWW: http://www.omv.com
sector: Oil & Gas - Downstream activities
ISIN: AT0000743059
indexes: ATX Prime, ATX
stockmarkets: official dealing: Wien
language: English

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