OMV tests oil, gas off Shetlands

Austrian oil-and-gas group OMV AG has made a significant oil and gas find in the offshore exploration block Rosebank/Lochnagar in the Faroe-Shetland Channel in 1,100 m of water, the company says.

Austrian oil-and-gas group OMV AG has made a significant oil and gas find in the offshore exploration block Rosebank/Lochnagar in the Faroe-Shetland Channel in 1,100 m of water, the company says.

OMV U.K. Ltd., a wholly owned subsidiary of OMV, holds 20% of the exploration license. The operator is ChevronTexaco Corp. with a 40% stake. Statoil Ltd. holds 30% and Dong Ltd. holds 10%.

Further drilling is being carried out to estimate the size of the find.

12/09/04

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