Austria's OMV reported Monday that it is paying $2.7 billion to acquire several North Sea assets from Statoil in a transaction designed to materially enhance OMV's upstream portfolio.
The news comes just a few weeks after OMV announced a major recruitment drive in order to help it meet significant expansion goals in its exploration and production activities.
On Monday OMV said it is acquiring 19 percent of the producing Gullfaks field and 24 percent of the Gudrun field, both offshore Norway. In addition, OMV will take over 30 percent of the Rosebank field and 5.9 percent of the Schiehallion field, both located west of the Shetland Islands. OMV's agreement with Statoil also involves options for 11 exploration licenses.
OMV added that an "integral part of the transaction" is a research and development partnership with Statoil to develop new technologies for the exploration of gas and oil from mature fields. OMV said its comprehensive expertise in onshore enhanced oil recovery is an ideal complement to Statoil's experience in offshore enhanced oil recovery.
OMV CEO Gerhard Roiss commented in a company statement:
"The transaction will provide a huge boost to OMV's strategy and will be a key factor in achieving our 2016 targets. It confirms OMV's clear focus towards increasing the significance of its E&P activities.
"We are acquiring significant positions in developments lying at the heart of our North Sea growth region, the development capital will be largely funded by the operating cash flows of the already producing assets which are part of the portfolio whilst the purchase price represents a reinvestment of the proceeds we have generated from disposals and working capital reductions from our downstream divisions over the last 18 months."
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