EANS-Adhoc: OMV Aktiengesellschaft / OMV expands its E&P portfolio by investment in the Kurdistan Region of Iraq

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OMV / Energy / Oil / Gas / Exploration and Production

17.05.2009

- OMV acquires a 10% share in Pearl Petroleum Company Limited - OMV
to participate in the appraisal, development and production of two
very large gas fields in the Kurdistan Region of Iraq - Possible
feedstock for the planned Nabucco pipeline

OMV, the leading energy group in the European growth belt, has
successfully expanded its E&P portfolio in the Middle East by signing
an agreement with the sellers Crescent Petroleum Company
International and Dana Gas PJSC to acquire a 10% share in Pearl
Petroleum Company Limited, a company which is set-up to appraise,
develop, and produce the world class multi TCF (trillion cubic feet)
Khor Mor and Chemchemal gas fields in the Kurdistan Region of Iraq.
OMV has made an initial payment of USD 350 mn. Contingent payments
may be made depending on further reserves determinations.

The Khor Mor and Chemchemal gas fields have significant gas reserves
and contingent resources including condensates and LPG which have
been evaluated by an independent expert. Currently gas is being
produced from the Khor Mor field and is fed into the power stations
at Erbil and Bazian. Appraisal work on Chemchemal, the second gas
field, will start during 2009. Further expansion of the facilities
will increase production substantially. Based on the current
assessment, production could reach a level of 3 bcf/d (billion cubic
feet per day, equate to approximately 500,000 boe/d) (gross) around
2015. These volumes will initially satisfy the requirements of local
industry with substantial quantities available for export to
destinations primarily Turkey and Europe via the planned Nabucco
pipeline. The significant proceeds generated by this project will
benefit the whole of Iraq as well as the Kurdistan Region.

Helmut Langanger, OMV Executive Vice President, responsible for
Exploration and Production stated: "OMV is very pleased to announce a
long-term partnership between OMV, MOL, Crescent Petroleum and Dana
Gas in this project. OMV now has the rare opportunity to participate
in the appraisal, development and production of very large gas
reserves close to the European market which has significant potential
to serve as feedstock for the Nabucco pipeline. This transaction will
significantly enhance OMV´s position within the Middle East
especially as OMV sees the Kurdistan Region of Iraq as an important
area for growth."

OMV E&P: Balanced international E&P portfolio OMV holds a balanced
international E&P portfolio in 17 countries structured around six
core regions, namely CEE, North Africa, Northwestern Europe, the
Middle East, Australia/New Zealand and Russia/Caspian region. OMV's
daily production volume was 317,000 boe/d in 2008 and the Company's
proven reserves at the end of 2008 were approximately 1.21 bn boe.

end of announcement euro adhoc
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ots Originaltext: OMV Aktiengesellschaft
Im Internet recherchierbar: http://www.presseportal.de

Further inquiry note:

OMV

Investor Relations:

Angelika Altendorfer-Zwerenz

Tel. +43 1 40 440-21600

e-mail: investor.relations@omv.com

Press:

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Tel. +43 1 40 440-21475

e-mail: michaela.huber@omv.com

Sven Pusswald

Tel. +43 1 40 440-21246

e-mail: sven.pusswald@omv.com

Internet Homepage: http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 874341
Index: ATX Prime, ATX
Börsen: Wien / official dealing