IPIC and OMV enter into upstream agreement

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IPIC and OMV will work together in exploration activities. (ADALBERTO ROQUE/AFP/Getty Images)

Austrian oil and gas company OMV has signed an agreement with its second-largest shareholder, Abu Dhabi's International Petroleum Investment Company (IPIC), to jointly establish upstream products in the Middle East, North Africa and the Caspian region.

"We have discussed ideas to form a joint venture company, which will explore exploration and production business across the three key regions where OMV already has a strong presence," said Khadam Al Qubaisi, managing director of IPIC in a statement.

"With this agreement IPIC will, in addition to downstream and petrochemicals, expand its investment activities to exploration and production with a world class partner," he added.

In May this year, OMV opened an office in Abu Dhabi to improve the coordination of existing activities in the region. IPIC own 17.6% of OMV's shares. Holding a balanced international portfolio in 19 countries, OMV's daily production volume is approximately 322 000 bpd.

"IPIC and OMV believe that this is a natural step in the development of their deepening partnership and cooperation. Both companies are in a position to complement each other, IPIC with its regional relationships and OMV with its technical and geological know how," said Al Qubaisi.

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