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OMV Agrees to Divest its Stake in the Maari Field

Source: www.gulfoilandgas.com 11/18/2019, Location: Not categorized

OMV, the international integrated oil and gas company headquartered in Vienna, has agreed to sell its 69% interest in the Maari Field, located in New Zealand’s offshore Taranaki Basin, to Jadestone Energy Inc., an independent oil and gas company focused on the Asia Pacific region.

The agreed purchase price is USD 50 mn, subject to closing adjustments. The effective date of the transaction is January 1, 2019 and the closing of the transaction is subject to Joint Venture and New Zealand Government approvals. Average production of the divested assets in 2018 was around 5 kboe/d (net to OMV).

“The divestment of the Maari Field further optimizes our portfolio and will shift us in New Zealand to a gas-only producer. This underlines OMV’s strategy to produce significantly more natural gas than oil to reduce the carbon intensity of the product portfolio in the future”, said Johann Pleininger, OMV Board Member Upstream and Deputy Chairman of the Executive Board.

OMV will continue to operate the M?ui and Pohokura gas fields – which together produced 37 kboe/d year to date (net to OMV) and contain about a third of New Zealand’s gas reserves. OMV is investing a further USD 300 mn on a range of projects to extend the lives of the M?ui and Pohokura gas fields over the next two years and to maintain New Zealand’s gas supply.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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