Gazprom, OMV Reach Basic Deal On Swap Of Norway, Siberia Assets

Reuters

VIENNA, Dec 14 (Reuters) - Russia's energy company Gazprom and Austria's oil and gas group OMV agreed on a basic deal on Wednesday for a swap of a 38.5 percent stake in OMV's Norwegian unit for a 25 percent stake in a part of Gazprom's Urengoy gas field.

The effective date of the deal will be Jan. 1, 2017, pending regulatory approval, with the final deal expected to be sealed in the middle of next year, OMV said in a statement.

OMV, which expects to invest around 0.9 billion euros ($955 million) in the field until 2039, anticipates its Urengoy output to start in 2019 with production reaching more than 80,000 barrels of oil equivalent per day in 2025.

(Reporting By Shadia Nasralla)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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