OMV, the international integrated oil and gas company based in Vienna, is entering a major Upstream gas project in Russia. OMV signed an agreement to acquire a 24.99% share in the Yuzhno Russkoye natural gas field located in Western Siberia from Uniper SE. The purchase price amounts to USD 1,850 mn (approx. EUR 1,749 mn based on an agreed exchange rate of EUR 1 = USD 1.0575) plus cash on the balance sheet per December 31, 2016. The transaction is anticipated to close by year end and will be retroactively effective as of January 1, 2017. The implementation of the transaction is subject to further conditions, including co-shareholder consent as well as merger control and foreign investment control clearance in Russia.
- Purchase of 24.99% interest in the Yuzhno Russkoye gas field in Western Siberia
- Russia becomes new core area in Upstream with immediate production
- Yuzhno Russkoye’s low production costs reduce OMV’ s OPEX to below USD 10/boe