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OMV AG

OMV AG

Industry: 
Energy
Symbol: 
WBAG:OMV
Country: 
Austria
Sources: 

 

"Austria's OMV signed a memorandum of understanding (MoU) with the National Iranian Oil Company (NIOC) on Wednesday as it looks to revive its activities in Iran. OMV Chief Executive Rainer Seele, who took the helm at Austria's biggest company last July, has singled out Iran, Russia and the United Arab Emirates in a push away from expensive North Sea field exploration. Wednesday's deal signed in Tehran covers several areas from oil and gas field evaluation to crude oil and petroleum product swaps... OMV's envisaged projects are located in the Zagros area in western Iran, including the Cheshmeh Khosh and Band-E-Karkheh fields where OMV had started operations in 2001, and the Fars field in the south, OMV said. 'This Memorandum of Understanding is an important first step in resuming OMV's activities in Iran and in the long-term cooperation with the NIOC,' Seele, who is also pushing for closer ties with Russia's Gazprom, said in a statement. 'We look forward to evaluating the opportunities of OMV in Iran and the cooperation with NIOC to evaluate whether there are areas of potential cooperation in the exploration and development of oil and gas,' Seele said. Last November, Seele said OMV was not interested in gas projects in Iran, citing high costs." (Reuters, “UPDATE 1-Austria's OMV signs MoU to revive activities in Iran,” 5/4/2016)

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"Describing the latest status of negotiations with Malaysia's Petronas and Austria's OMV oil companies, managing director of ICOFC announced several Russian firms' willingness to invest in Iran's central oil fields. On the launch of cooperation between Iran's Central Oil Fields Company (ICOFC) and Malaysia's Petronas, Solbali Karimi said, 'we have taken Petronas oil company as our 2025 model for upgrading Iranian oil systems since oil industry needs to continuously seek progress.' ... Referring to the negotiation with Austria’s OMV oil company on expanding Cheshmeh Khosh oil field, he explained 'the Austrian company has announced readiness in this regard and the first stages of talks have been accomplished.'" (Mehr News, "OMV, Petronas launch oil talks with Iran," 11/11/15)

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"Austrian energy group OMV wants its expansion in Iran to focus on the oilfields it has already discovered and it is prepared to invest only a limited amount there, Chief Executive Rainer Seele said on Monday. Seele, who is preparing a new strategy aimed at adapting to low oil prices and expanding production cost-efficiently, said he had no interest in a much more expensive gas project in Iran, apparently referring to the massive South Pars gas field. 'At the end of the day for us it is not simply about producing oil or gas -- we want to make profits,' he said at a joint event with Gerhard Schroeder, the former German chancellor who is now an executive for the pipeline consortium Nord Stream... While OMV was keen to move as soon as sanctions are lifted, which he expected to happen in the first or second quarter, Seele said the economic conditions had to be right, and the company would focus on the fields it knows best. 'We discovered two oilfields there,' Seele said." (Reuters, "OMV says wants to focus Iran push on its existing oil finds," 11/9/15)

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The Chairman and CEO of OMV, Rainer Seele, presented at the Iranian Petroleum and Energy Club (IPEC) Congress, held in Tehran October 19-21, 2015. (IPEC Congress 2015 Program)

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"Iran's Oil Minister Bijan Zanganeh said he had met on Wednesday with Austrian oil and gas group OMV and other foreign oil companies as Tehran prepares to offer oilfields, projects and its final investment contract in November. Zanganeh, in Vienna for an OPEC meeting. He declined to name the other firms involved in the talks, held on the executive floor of an international hotel cleared of reporters. 'The companies are coming and visiting. At least they are showing that they are keen on exploring these possibilities, to get prepared for what they want to do,' a source close to the matter said." (Reuters, Iran oil minister meets OMV, other companies in Vienna, 6/11/14)

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"As it tries to lure back oil companies, Iran also signaled it could offer production-sharing agreements in the Caspian Sea. Such deals are considered attractive to companies but haven't been awarded in Iran since the 1970s. Bijan Zanganeh, who was in Vienna for the meeting of the Organization of the Petroleum Exporting Countries, said he had met with executives from Anglo-Dutch oil giant Shell, the world's largest oil trader Vitol, Austria's and Italy's Eni SpA…'With OMV, we discussed about many things and [with] Shell only about the general willingness for cooperation in future and placing the money that we have in account of Shell,' Mr. Zanganeh told reporters." (Wall Street Journal, "European Energy Companies Meet With Iranian Oil Minister," 12/5/13)

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"This year, 166 Chinese companies are present at the fair compared to 100 companies last year,' a senior oil ministry official said. 'The number of foreign companies are up 35 percent,' to 496 out of the total 1,550, he said. He said that despite UN sanctions and bilateral punitive measures by the United States and the European Union against Iran, 'Germany is present with 64 companies, Italy with 36, Britain with 37, Spain with 14, France with 15 and South Korea with 33 companies.' Major Western energy groups such as Total of France, Norwegian Statoil and OMV of Austria, who have withdrawn from Iran, made a 'symbolic' appearance at the fair." (AFP, "Chinese Firms Dominate Iran Oil Exhibition," 4/15/11)

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"Oil and gas group OMV has not renewed a fuel supply contract with Iran's state airline because of international sanctions against the Islamic Republic, an Austrian newspaper reported. The move means Iran Air planes can no longer fill up at Vienna airport, the Wiener Zeitung reported in its weekend edition. The contract expired on March 23, it said." (Reuters, "Austria's OMV Ends Iran Air Fuel Contract," 3/27/10)

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"The U.S. Congress is moving toward passing a bill that would strengthen sanctions against Iran over that nation’s nuclear activities by putting greater pressure on Iran’s oil and gas sectors, both of which have underpinned Iranian President Mahmoud Ahmadinejad’s administration. Other companies named in the list, which was announced Thursday, include Austria’s OMV AG..."(Asia News Net, "Japan firms may face U.S. sanctions over Iran," April 25, 2010) 

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"The enormous New York State Common Retirement Fund plans to divest $86.2 million in investments from nine companies doing business in Sudan and Iran...The decision comes after two years of reviewing these companies, the potential risk of the investments and, in some cases, humanitarian efforts in these countries.'We don't expect our investments to benefit regimes that support genocide and terrorism,' said DiNapoli. The fund plans to divest out of $86 million in Gazprom (OGZPY), Inpex (1605.TO), Lukoil (LUKOY), Oil And Natural Gas Corp (500312.BY), OMV (OMVKY), Petroleo Brasilia (PBR), Statoil (STO), Wartsila OYJ and Sinopec Corp. DiNapoli said the firms were chosen because 'they failed to respond or we were not satisfied with their responses' when asked to provide information to the fund on the investments and their risks. (Dow Jones Newswires, "NY Comptroller To Divest $86.2M In State Pension Fund Investments," 6/30/09)

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"When Austria-based energy company OMV AG saw a chance to develop a lucrative Iranian gas field in April, it jumped at the $18 billion deal despite strong opposition from the U.S." (The Wall Street Journal, "U.S. Sanction Threats Make Little Headway," July 12, 2007)

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