OMV, Sapura Energy Sign Pact
Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1,250 million and debt of USD350 million…
OMV Forms JV with Sapura
Austria's OMV has agreed to establish a joint venture with Malaysia's Sapura Energy Bhd , paying $540 million for a 50 percent stake in its exploration assets in line with its strategy to expand in Southeast Asia.Sapura Energy will transfer $350 million of its debt into the new firm, called SEB Upstream Sdn Bhd (SUP), of which OMV has agreed to refinance half, an OMV spokesman said.OMV also agreed to pay up to an extra $85 million, dependent on whether exploration in Mexico is successful and on oil prices, the OMV spokesman said, adding that there was no time frame for the payment.OMV shares were down 4.4 percent at 48.04 euros 1159 GMT follo
Panoro Energy Buys OMV Tunisia
London-based E&P company Panoro Energy said its Norwegian subsidiary Panoro Tunisia Production has reached an agreement with OMV Exploration & Production GmbH to acquire 100 percent of the shares of OMV Tunisia Upstream GmbH.According to the Oslo-listed company, the acquisition is for a cash consideration of $65 million.OMV Tunisia Upstream holds a 49 percent interest in five oil producing concessions in Tunisia with net 2P reserves of 8.1 million barrels, and net production of approximately 2,000 bopd from 14 wells.It also owns 50 percent Thyna Petroleum Services, which serves as the operating company for the five oil producing concessions.
Austria's OMV Stands by Iran Project - Upstream Chief
Austrian energy group OMV said on Tuesday it had not halted its planned Iranian energy projects despite the U.S. withdrawal from an international nuclear agreement, but it had made no investments there yet.The group was monitoring political developments in the United States and the European Union very closely, said upstream chief Johann Pleininger at the annual shareholders' meeting in Vienna."The project has not come to a standstill, it is continuing," Pleininger said, adding that "no investments have been made yet."OMV…
OMV Says It's Owed $148 Mln from Iran
The National Iranian Oil Company (NIOC) still owes Austrian oil and gas group OMV $148 million, OMV's exploration and production chief Johann Pleininger told a meeting of shareholders on Wednesday. "We are in intensive negotiations to complete the relevant contracts to settle the claims," Pleininger said. Chief Executive Rainer Seele had previously declined to name the outstanding amount but has said the issue stood in the way of making quick progress with OMV's business in Iran. (Reporting By Shadia Nasralla)
OMV Eyes Further Cooperation with Gazprom
\OMV sees scope for further cooperation with Gazprom, the Austrian oil and gas group's exploration and production head said on Monday, hours after agreeing to buy into a Gazprom-majority owned gas field for $1.85 billion. OMV is also working on swapping a stake in its Norwegian holding for a stake in another Siberian field with Gazprom. "You view this the right way.
OMV Names New Head of Exploration Business
Austrian Johann Pleininger will take over from Jaap Huijskes as head of exploration and production at OMV, the oil- and-gas group said on Thursday. Pleininger, 53 and currently senior vice president CEE & Black Sea in OMV's Exploration & Production segment, will take over on Sept. 1, according to a statement. (Reporting by Maria Sheahan)
