Austrian energy firm OMV has farmed into an exploration project offshore Namibia as its looking to expand its Sub-Saharan presence further.
The deal with US company Murphy Oil comprises of a 65% interest in two exploration blocks, the 2613A and 2613B covering an area of 11,000 square kilometres, from the Brazilian company Cowan Petroleum.
OMV will take a 25% stake in the licences, while Murphy will be the operator with a 40% interest.
Cowan will retain 20% equity, with the remaining 15% held by the Namibian national oil company NAMCOR.
The joint venture partners will conduct an extensive 3D seismic program starting in the second quarter of the year.
“Offshore Namibia offers great exploration potential as it is largely unexplored, yet has all the elements of an effective hydrocarbon system,” said Jaap Huijskes, OMV executive board member for exploration and production.
“The transaction is fully in line with our growth strategy and our focus on the North Sea region, Black Sea and opportunities like these in Sub-Saharan Africa.”
The new deal on the continent follows OMV acquiring interests in Madagascar and Gabon in 2013.