OMV, the Austrian energy firm, had announced it had signed a deal in Abu Dhabi for oil exploration and natural gas prospecting projects in the Gulf region, particularly the United Arab Emirates.
OMV's Middle Eastern subsidiary had forged the deal with the Abu Dhabi National Oil Co in the pursuit of oil and natural gas exploration located in the eastern region of the emirate.
The two companies have said they would be working together through a seismic exploration campaign as well as drilling explorations in the area.
According to OMV CEO Gerhard Roiss, through a statement published last Monday, "With this step OMV is on the way to foster its upstream position in the Middle East. Above this we are broadening the cooperation with Abu Dhabi beyond the field of petrochemicals."
OMV did not give an idea as to the oil reserve expectations. The company said if the exploration campaign was to be successful, both companies would be working to develop and extract potential and natural gas reserves.
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