OMV and its joint venture partners have inked an agreement to develop Latif gas field located in the Sindh province of Pakistan. OMV is the operator of Latif concession and holds a 33.34% interest. The other partners in the joint venture are Eni (33.33% interest) and PPL (33.33% interest). According to media reports, the development will comprise of drilling of new wells and construction of a 50 km pipeline to transport Latif gas to the OMV operated Sawan gas plant where Latif gas will be processed and thereafter delivered to customers. OMV is targeting a net production of 5,700 boe/d from Latif in 2014.
The company said that Latif field development decision which had been stalled for some time was rendered economically feasible due to the new petroleum policy of Pakistan. This policy provides higher prices for new discoveries and for investments leading to incremental production over and above the reserves approved and certified.
