OMV, Gazprom sign asset-swap agreement

Austria’s OMV AG and Russia’s OAO Gazprom have signed a basic agreement for an asset swap (OGJ Online, Nov. 9, 2015).

OMV will obtain 24.98% interest in Blocks 4 and 5 of the Achimov formation in Urengoy oil, gas, and condensate field in Western Siberia. Production is expected to start in 2019.

Gazprom will get 38.5% stake in OMV Norge, which is focused on exploration and production in Norway. The Norwegian portfolio has 32 licenses, five of which are operated by OMV.

The transaction is expected to be cash-free except for potential adjustment payments at closing.

Signing of final transaction documents is expected by mid-2017, with an effective date of Jan. 1, 2017.

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