VIENNA Oct 5 Austrian energy group OMV
is to participate in the development of the Latif gas
field in Pakistan, and is targeting production of 5,700 barrels
of oil equivalent per day, it said on Friday - about 2 percent
of its 2011 total production.
OMV and its joint venture partners, Italy's Eni and
U.S. power company PPL, will invest 107 million euros
($140 million) to drill and complete new wells and build a new
pipeline to connect Latif with its Sawan processing plant.
"The Latif field development decision which had been stalled
for some time was rendered economically feasible due to the new
petroleum policy of Pakistan," OMV's head of exploration and
production, Jaap Huijskes, said in a statement.
He said the new pricing provided enough incentive to
immediately drill two more wells on top of the two that had
already been agreed, while still delivering low-priced gas from
the field to Pakistan.