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OMV sells stake in New Zealand’s Maari Field to Jadestone

Nov 18, 2019
2 min read
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Austria’s OMV said it has agreed to sell its 69 per cent interest in the Maari field in New Zealand’s offshore Taranaki Basin to Jadestone Energy for US$50 million.

The average production of the divested assets in 2018 was around 5 kboe/d (net to OMV), the international integrated oil and gas company headquartered in Vienna said.

“The divestment of the Maari Field further optimises 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 Māui 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 $300 million on a range of projects to extend the lives of the Māui and Pohokura gas fields over the next two years and to maintain New Zealand’s gas supply.

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.

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