Business News – Austrian oil and gas giant OMV announced Friday that it had signed a deal with joint venture partners ENI of Italy and Pakistan’s PPL to develop the Latif gas field in the southern Pakistani province of Sindh.
“On October 4, 2012, OMV and its joint venture partners signed the development and production lease deed for Latif gas field,” the Austrian company said in a statement.
The development work is to include the drilling of new wells and the construction of a new pipeline to carry the gas to an OMV-operated plant 50 kilometres (31 miles) away.
The project is to cost an estimated 107 million euros ($140 million), OMV said.
It added that it hoped to begin production in late 2013 and achieve a “net production of 5,700 barrels of oil equivalent per day” by 2014. (AFP)