OMV grabs rival’s Pakistan gas licence

OMV has taken over a major competitor’s right to explore and produce gas in Pakistan, it has emerged.The Vienna-based oil and gas giant said today (Tues) it acquired the licence to produce gas in the Asian country by Malaysian firm Petronas.OMV said the purchase will increase its gas production in Pakistan to around 25,000 barrels of oil equivalent (BOE) a day by 2014.The company headed by former Social Democratic (SPÖ) state secretary Wolfgang Ruttenstorfer currently produces around 14,000 BOE in the country and 318,000 BOE worldwide every day.This announcement follows news that the firm has the highest-earning board in Austria.The study by investors’ protection group IVA found OMV’s six-member board received 10.2 million Euros last year after being paid 8.3 million Euros in 2008.Ruttenstorfer earned the most with 2.59 million Euros, according to IVA which checked the board payrolls of Austrian companies listed on the Vienna Stock Exchange’s (WBAG) Prime Market.