60906
OMV Buys Stake in Russia Gas Field
OMV Buys Stake in Russia Gas Field

OMV Buys Stake in Russia Gas Field

OMV Buys Stake in Russia Gas Field

Austrian energy group OMV has agreed to buy about a quarter in one of Russia's largest gas fields for $1.85 billion, a major expansion push that gives previous owner Uniper a badly needed cash injection. The transaction is expected to close by the end of the year and will be retroactively effective as of Jan. 1, 2017, OMV and Uniper said in two separate statements on Sunday, adding cash on balance sheet would also be added to the purchase price, Reuters reported. Sources had told Reuters last year that Uniper might put its 24.99% stake in Yuzhno Russkoye up for sale, expecting it to fetch $1.7-$2.5 billion. "The acquisition will build a new core area, Russia, in our upstream portfolio adding 100,000 barrels of oil equivalent per day to OMV's production," OMV Chief Executive Rainer Seele said. OMV said the deal would reduce the group's production costs, adding it would be entitled to the field's dividends starting 2017, with annual payments of about $200 million expected in the mid-term.

Short URL : https://goo.gl/77Ta7A
  1. https://goo.gl/u8WEIA
  • https://goo.gl/mhNE3v
  • https://goo.gl/Z3UoHi
  • https://goo.gl/xTO6LN
  • https://goo.gl/anp9Lx

You can also read ...

Offshore drilling is expensive in a time of relatively low oil prices.
The US administration on Friday said it would offer the...
Egypt to Import LNG   From France
Egyptian Natural Gas Holding Company has arranged for the...
India to Increase Oil Imports From Iran
In April through January, the first 10 months of this fiscal...
UAE Committed to OPEC Output Reduction Deal
The UAE will remain committed to the global oil output...
The national gas network accounts for providing 70% of the country's energy.
In line with efforts to deliver natural gas to far-flung...
SP Phase 13 Ready to Deliver Sweet Gas
The first gas sweetening train in Phase 13 of South Pars Gas...
NPC Subsidiary, Foreign Firms in Scientific Coop.
The Petrochemical Research and Technology Company of Iran...

Add new comment

Read our comment policy before posting your viewpoints

Trending

Googleplus