OMV Acquires Yuzhno Russkoye Interest for $1.85B

OMV Acquires Yuzhno Russkoye Interest for $1.85B
OMV acquires a 24.99% participation interest in the Yuzhno Russkoye natural gas field from Uniper SE for a purchase price of $1.85 billion.

OMV revealed Monday that it has acquired a 24.99 percent participation interest in the Yuzhno Russkoye natural gas field from Uniper SE for a purchase price of $1.85 billion.

The effective date of the transaction is January 1, 2017, and the closing of the deal is expected by year end, according to OMV’s investor and analyst webcast, which was attended by Rigzone.

 

 

Yuzhno Russkoye was described as a ‘world class field with stable production and cash flow profile’ in a presentation made by the company’s CEO Rainer Seele. The CEO also added that the transaction would strengthen the firm’s strategic partnership with Gazprom.

Located in West Siberia, Yuzhno Russkoye is among the largest gas fields in Russia, according to Johann Pleininger, OMV’s executive board member responsible for upstream, who made the statement in the company’s webcast.

The field was discovered in 1969 and achieved first production in October 2007. Pleininger also highlighted that the asset, which has plateaued production levels of 25 billion cubic metres of gas per year, is a ‘key resource’ for the Nord Stream gas pipeline.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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