VIENNA, Oct 5 (Reuters) - 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. ($1 = 0.7657 euros)
(Reporting by Georgina Prodhan; Editing by David Cowell)
Keywords: OMV PAKISTAN/GAS