OMV Buys 15% of Aasta Hansteen Field from Exxon

Austria's OMV announced Friday that it has agreed to buy a 15 percent stake in the Aasta Hansteen field in the Norwegian North Sea from ExxonMobil.

The Aasta Hansteen field, originally discovered in 1997, lies approximately 185 miles offshore Norway in the Vøring Basin. It contains what OMV sees as three significant gas discoveries with expected recoverable net volumes of between 40 and 60 million barrels of oil equivalent of gas and between 0.8 and one million barrels of oil equivalent of condensate in a water depth of approximately 4,265 feet.
The acquisition also includes a 6.15-percent stake in the Norwegian Sea Gas Infrastructure project, which will see OMV's overall stake in the project increase to 7.9 percent.
OMV is one of Central Europe's largest integrated oil and gas companies. The firm operates the Central European Gas Hub – which includes a 1,250-mile long gas pipeline network that has a capacity of around 3.6 trillion cubic feet of gas and is among the most important gas hubs in Continental Europe.
Jaap Huijskes, OMV's executive board member responsible for exploration and production, said in a statement that the acquisition of the stake in Aasta Hansteen means the firm is well on track to establish Norway as a core country in its portfolio.
"I'm glad to see that OMV's strategy in Norway starts to bear fruit. This is the second acquisition in the Northern Norwegian Sea within a year," said Huijskes, referring to the Zidane acquisition OMV made last October – which saw the firm acquire a 20-percent stake in the PL435 license from Noreco in return for $32 million.
No details of the amount paid by OMV for its 15-percent stake in Aasta Hansteen were revealed.


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