OMV deal nets stakes in North Sea Gudrun, Gullfaks fields

Offshore staff

VIENNA, Austria – OMV has agreed to pay Statoil $2.65 billion for various field interests offshore Norway and the UK.

The deal gives OMV 19% in the Gullfaks field and 24% in the Gudrun fields in the Norwegian North Sea; a further 30% in the Chevron-operated Rosebank development west of Shetland; and an additional 5.877% in Schiehallion in the same region.

Gudrun, currently under development, is expected to start up early next year. The field is 15 km (9.3 mi) west of the Edvard Grieg development, in which OMV has a 15% stake.

The transaction also gives OMV the option of participating in up to 11 exploration licenses off the Faroe Islands, west of Shetland, and in the Norwegian North Sea. Most are prospective but little-explored frontier concessions.

In return, OMV will collaborate with Statoil to develop new technologies for exploration of gas and oil from mature fields, using OMV’s experience in onshore enhanced oil recovery to complement Statoil’s work on offshore EOR.

Assuming approvals from the Norwegian and UK governments, expected by end-2013, OMV’s proven and probable reserves will increase by around 320 MMboe from the current 1.7 Bboe. Its production will rise by 40,000 boe by 2014 and by up to 58,000 boe/d in 2016.

Details of the transaction are as follows:

Gullfaks   Statoil
        Petoro 30%
Gudrun   Statoil
        PL025, PL187         GdF Suez 25%
Schiehallion   BP (33.35%)   5.88%   0%         P 559 (in Block 204/25a) directly
P 556 via UUOA
P 803 via UUOA
        Shell 54.90%
OMV 5.88%
Rosebank   Chevron (40%)   30%   0%
        P 1026
(in Blocks 213/26b and 213/27a)
P 1191 (in Block 205/1A)
P1272 (in Block 205/2A)

OMV (20%)

DONG (10%)

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