OMV completes acquisition of 24.99 per cent interest in the Yuzhno Russkoye gas field from Uniper after completing all the necessary approvals.
The Yuzhno Russkoye field is one of the largest gas fields in Russia, situated in the Yamal-Nenets region. Current plateau production of the field amounts to 25 billion cubic meters per year. The license will expire by the year-end 2043.
OMV paid Uniper EUR 1,719 million that the Austrian firm said was funded out of proceeds generated from disposals and OMV’s strong cash flow.
Rainer Seele, Chairman of the OMV Executive Board and CEO sais: “The closing of this landmark transaction is a further milestone in OMV´s successful delivery on its corporate strategy to establish Russia as a new core region of OMV. Our stake in Yuzhno Russkoye adds 100,000 boe/d to OMV´s production. This boosts OMV´s total production to more than 430,000 boe/d.”
Johann Pleininger, OMV´s Deputy CEO and Board Member Upstream added: “With this acquisition OMV gets additional recoverable reserves of 580 mn boe. Moreover, our production costs will be further decreased.”