OMV buys into Russian field

VIENNA , March 6, 2017 – OMV on Monday announced it had reached an agreement with German energy company Uniper on the acquisition of a stake in the Yuzhno Russkoye field.

One of Russia’s largest gasfields, the deal is expected to add 100,000 boepd to the Austrian major’s production capacity. OMV will pay USD 1.85 billion for a 24.99% interest in Yuzhno Russkoye, equivalent to 580 million boe of the remaining recoverable reserves.

The Siberian field is operated by Gazprom on a 40% stake, with Wintershall holding 35%.

On Friday, OMV sold its Turkish retail and distribution unit, OMV Petrol Ofisi, to Vitol. In a press statement, the Dutch commodity trader said it would pay EUR 1.368 billion.

OMV had intended to incorporate the Turkish unit into its value chain, but depressed oil and gas prices and the depreciated of the Turkish lira derailed those plans.

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