Manufacturing Industry
RUSSIA: Oil and gas exploration and development investment is not expected to exceed $400,000,000 per year in quest for 160,000 barrel per day oil production output, OMV AG [Austria] - Order #: 127103.
WWP- Report on Oil Gas & Petrochemicals in the Developing World, December, 2003
PROJECT OVERVIEW:
Austria-based OMV AG recently announced that it was planning to expand its oil exploration and production operations into Russia over the next several years. According to Helmut Langager, OMV Vice-President (Exploration & Production), his company in now engaged in preliminary talks with all the Russian oil majors. As a result, the company is said to be targeting an oil production of about 160,000 barrels per day (b/d) by the year 2008. In so doing the Austrian company is reportedly mainly interested in taking a stake in existing onshore oil projects although it is not ruling out offshore developments.
Whatever, the company is not expected to invest more than $400,000,000 per year in its Russian oil exploration and production...
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