OMV Completes Acquisition of Preussag E&P
OMV has successfully completed the acquisition of the entire international exploration and production portfolio that it obtained from Preussag Energie with effect from January 1, 2003. The price for this acquisition was approximately EUR 300 million. The new exploration and production licenses are primarily located in OMV's core E&P regions, providing an optimal fit with the Group's growth strategy. The acquisition will be earnings enhancing immediately.
OMV has now increased its daily output for 2003 by about 20,000 barrels of oil equivalent per day (boe/d) from an average output of about 83,000 boe/d in 2002. This brings the Group closer to its goal of expanding its oil and gas production to 160,000 boe/d by 2008.
According to Helmut Langanger, member of the OMV Board of Management responsible for Exploration and Production, "The assets acquired are attractive because of their growth potential. We will be able to achieve 90% of our 2008 target production solely through OMV's E&P portfolio and the assets acquired from Preussag. This greatly expands our position as an international player in the E&P business."
OMV now has additional 77 million boe proved oil and gas reserves and 172 million boe proved and probable reserves. As of the end of 2002, OMV's proved oil and gas reserves were 343 million boe, and proved and probable reserves were 557 million boe.
The international E&P assets of Preussag Energie GmbH in Albania, Ecuador, Qatar, Tunisia, Venezuela and Yemen were spun off into the Preussag Energie International GmbH as part of the transaction. This new company was entirely acquired by OMV Aktiengesellschaft. The New Zealand portfolio was acquired through OMV New Zealand Pty Ltd, a wholly owned subsidiary of OMV Aktiengesellschaft.
After the successful closing of the entire acquisition, the remaining approvals from governmental authorities and partner companies for the assets in Albania, Ecuador, Qatar, Venezuela and Yemen can now be obtained. These approvals are expected in the next few months.
- Sharp Fall In Applications For Norway's Arctic Oil Permits (Dec 05)
- OMV Flags Higher 3Q Margins, Kurdistan Windfall (Oct 13)
- Gas Pipeline Through Central Europe to Go Ahead As Planned -Romania (Sep 28)