Gazprom to get stake in OMV Norway

Gazprom and OMV signed an agreement that will see Gazprom acquire stake in OMV Norway.

According to the agreement, Gazprom will receive a 38.5% stake in OMV (Norge), a company focused on geological exploration and production in Norway. In exchange, OMV will obtain a 24.98% stake in the project for developing Blocks 4 and 5 of the Achimov formation in the Urengoy oil, gas and condensate field in Siberia. The deal is subject to an agreement on the final transaction documents, regulatory approvals and further corporate approvals. 

“The basic agreement specifies the share that Gazprom will receive in the asset of OMV as part of the asset swap; it also contains some other commercial terms and is legally binding,” said Alexey Miller, chairman of Gazprom Management Committee. “In essence, the basic parameters of this deal have been determined. We plan to agree and sign the final documents by mid of 2017.” 

“With this, OMV laid the foundation to reach one of its most important strategic targets,” said Rainer Seele, chairman of the OMV executive board. “The project will substantially increase our reserve base. We will identify further projects and opportunities with Gazprom to expand our cooperation.”