OMV Closes North Sea Asset Acquisition

Austria's OMV reported late Thursday that it has closed its deal with Statoil to acquire assets in the Norwegian and UK zones of the North Sea after approval was granted for the transactions by the relevant authorities.

OMV acquired 19 percent of the producing Gullfaks field and 24 percent of the Gudrun field on the Norwegian Continental Shelf. It also took 30 percent of Rosebank and 5.88 percent of the Schiehallion field, both located west of Shetland.

The deal was first announced in mid-August and is part of OMV's strategy to materially enhance its upstream portfolio. The firm has also embarked on a major upstream recruitment drive to support this strategy.

OMV CEO Gerhard Roiss commented in a company statement: "The transaction is a key part of OMV' s strategy of focusing on exploration and production in politically stable markets and will be a substantial factor in achieving our 2016 targets. We are thereby bolstering our position in the heart of our North Sea growth region."

The deal sees OMV substantially increase its reserves, with proven and probable reserves climbing by around 320 million barrels of oil equivalent. At November 1, the new assets' contribution to production will be approximately 25,000 barrels of oil equivalent per day (boepd) and is expected to increase to around 40,000 boepd during 2014.


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