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

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

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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.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  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 


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