Abu Dhabi oil giant, Austria's OMV sign oil exploration deal

Abu Dhabi National Oil Company, known as ADNOC, said Monday it had signed an agreement with Austria's OMV to explore oil and gas in the eastern region of Abu Dhabi, local news agency WAM reported. "If the exploration campaign is successful, ADNOC and OMV intend to jointly develop the potential discoveries," said the report. ADNOC's Director General, Abdulla Nasser Al Suwaidi, said the agreement was a good example of energy cooperation between Austrian and Emirati companies. The emirate of Abu Dhabi harbors about 8 percent of the world's known oil reserves, and it has 90 percent of the "black gold" of the United Arab Emirates (UAE). ADNOC runs the biggest network of petrol stations in the UAE, while OMV is the largest industry company in Austria in relation to market capitalization.