Gulf Oil and Gas accountACCOUNT

OMV Completes Acquisition of Interest in the Yuzhno Russkoye Gas Field from Uniper

Source: www.gulfoilandgas.com 12/3/2017, Location: Asia

Share |
OMV has completed the acquisition of a 24.99% share in the Yuzhno Russkoye natural gas field located in Western Siberia from Uniper following fulfillment of all closing conditions including regulatory and co-shareholder approvals.

The purchase price paid by OMV to Uniper amounts to EUR 1,719 mn and includes customary closing adjustments. The transaction takes retroactive economic effect as of January 1, 2017 and was largely funded out of proceeds generated from disposals and OMV’s strong cash flow.

Rainer Seele, Chairman of the OMV Executive Board and CEO: 'The closing of this landmark transaction is a further milestone in OMV´s successful delivery on its corporate strategy to establish Russia as a new core region of OMV. Our stake in Yuzhno Russkoye adds 100,000 boe/d to OMV´s production. This boosts OMV´s total production to more than 430,000 boe/d.'

Johann Pleininger, OMV´s Deputy CEO and Board Member Upstream: 'With this acquisition OMV gets additional recoverable reserves of 580 mn boe. In addition, our production costs will be further decreased.'

The Yuzhno Russkoye field is one of the largest gas fields in Russia, situated in the Yamal-Nenets region. Current plateau production of the field amounts to 25 bn cubic meters per year (100%). The license will expire by the year-end 2043.

Acquisitions and Divestitures News in Russia >>

Papua-New Guinea >>  7/17/2018 - Oil Search has expanded its exploration portfolio in the onshore Gulf Basin, PNG. In July 2018, Oil Search executed a farm-in to PPLs 474, 475 and 476...
Australia >>  7/16/2018 - As part of portfolio rationalization, PTTEP announces the divestment of a 100% stake in the Montara field to align with the company’s business strateg...

Ireland >>  7/13/2018 - Providence Resources P.l.c., the Irish based Oil and Gas Exploration Company, provides a Licence Update on Frontier Exploration Licence (“FEL”) 2/14. ...
Indonesia >>  7/11/2018 - Chevron will exit the Makassar Strait gas block in the Indonesia Deepwater Development (IDD) offshore natural gas project to focus on more promising a...

United States >>  7/10/2018 - QEP Resources, Inc. announced that its wholly owned subsidiary, QEP Energy Company, has entered into a definitive agreement to sell natural gas and oi...
Indonesia >>  7/9/2018 - LyondellBasell (LYB) announced that Indonesian company PT Chandra Asri Perkasa Tbk (CAP), has selected LyondellBasell’s world leading polypropylene (P...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Russia Oil & Gas 1 >>  2 | 3 | 4 | 5 | 6 | 7 | 8 | 9 | 10 | 11 | 12 | 13 | 14 | 15 | 16 | 17 | 18 | 19 | 20 | 21 | 22 | 23 | 24 | 25 | 26 | 27 | 28 | 29 | 30 | 31 | 32 | 33 | 34 | 35 | 36 | 37 | 38 | 39 | 40 | 41 | 42 | 43 | 44 |

Oil & Gas Projects in Russia >>

More News

 

Oil & Gas Companies in Russia >>


Related Links

Gulf Oil and Gas
Copyright © Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.