OMV Purchases Petronas' Pakistani E&P Assets
VIENNA (Dow Jones Newswires), Sep. 21, 2010
OMV said Tuesday it has signed a deal to buy the Pakistani exploration and production business of Malaysian state oil company Petronas International Corporation Ltd.
The transaction includes the exploration licenses for the Mubarak, Meher and Daphro exploration blocks as well as the Meher and Mubarak development and production licenses, OMV said in a statement.
Petronas and OMV have agreed not to disclose the purchase price.
OMV said the Pakistani government still needs to greenlight the acquisition. This and other factors will delay the actual closing of the deal for "some months".
OMV currently owns seven exploration licenses and two production licenses in Pakistan. It is the largest foreign gas producer in the country with a daily production of 14,000 barrels of oil equivalent.
It aims to increase the daily production to 25,000 by 2014.
Copyright (c) 2010 Dow Jones & Company, Inc.
- OMV Flags Higher 3Q Margins, Kurdistan Windfall (Oct 13)
- Gas Pipeline Through Central Europe to Go Ahead As Planned -Romania (Sep 28)
- Austria's OMV Moves Workers In Tunisia Over Gas Field Protests (May 04)
Company: PETRONAS more info
Operates 9 Offshore Rigs
- Exec: Petronas' Canadian Unit To Look At Other LNG Opportunities (Oct 11)
- Adviser: Malaysia's Petronas Puts Some Canadian Assets Up For Sale (Oct 04)
- Petronas Chem Sells Half Of Polymers Business To Saudi Aramco For $900MM (Oct 02)