By OGJ editors
HOUSTON, Oct. 12 -- Austria's OMV AG has completed the sale of its 5,000 b/d Ecuadorian exploration and production assets to joint-venture partners Burlington Resources Oriente Ltd. and Perenco Ecuador Ltd., a unit of privately held French E&P firm Perenco SA. The sale price was not disclosed.
The Oriente basin assets, in the upper Amazon region of central Ecuador, include a 25% interest in Block 7 and a 17.5% interest in production Block 21. OMV said these properties, acquired in 2003 for about €300 million as part of OMV's acquisition of the international E&P portfolio of Preussag Energie GMBH, were not core to its E&P business.
Including the recent acquisition of 51% of Petrom SA, Romania's largest oil company, OMV now has oil and gas reserves of 1.4 billion boe, production of 330,000 boe/d, and refining capacity of 26.4 million tonnes/year (OGJ Online, Sept. 27, 2006).
