Murphy Oil and OMV sign farm-in deal for Namibian offshore blocks

offshore namibia-jim sneddon flickrUS-based Murphy Oil and Austria’s OMV have signed a farm-in agreement with Cowan Oil & Gas for a pair of blocks offshore Namibia

The US independent and Austrian state player are buying stakes in Blocks 2613A and 2613B from the Brazilian explorer.

Murphy Oil will own a 40 per cent holding in each block and will be the operator. OMV will take up a 25 per cent interest in each block, leaving Cowan Oil & Gas and National Petroleum Corporation of Namibia (NAMCOR) with 20 per cent and 15 per cent stake.

Gerhard Roiss, CEO of OMV, said, “OMV is well on track to position its assets into more high-return upstream projects. Therefore, it is part of OMV’s strategy to build up new exploration opportunities also in the region of sub-Saharan Africa.”

The joint venture partners will conduct an extensive 3D seismic program starting in Q2 2014, according to a statement released.

Cowan Oil & Gas had acquired the blocks in 2011, totalling more than 5,500km.

Jaap Huijskes, head of exploration and production at OMV, said, “Offshore Namibia offers great exploration potential as it is largely unexplored, yet has all the elements of an effective hydrocarbon system.”

OMV has large oil and gas assets in the Black Sea and North Sea and acquired interests in Madagascar and Gabon in 2013.

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