OMV Strikes Landmark North Sea Deal as Statoil Continues Pruning

摘要

Austrian integrated major OMV inked this week the largest deal in its history, a $2.65 billion agreed purchase of a raft of North Sea assets from Norway's Statoil. In doing so, OMV took advantage of StaloH's desire to prune its portfolio ahead of costly future developments to build what is fast becoming the cornerstone of OMV's upstream expansion as it reduces exposure to a less profitable downstream. In the Norwegian sector of the North Sea, OMV will acquire 19% of the producing 26,000 barrel per day Gullfaks Field and 24% of Gudrun Field, which should come on stream next year at 15,000 b/d gross. OMV will meanwhile increase its stake in two fields in the West of Shetland area of the UK North Sea — interests in BP's Schiehallion will double to 11.76%, while its stake in Chevron's Rosebank will increase from 20% to 50%. Rosebank is one of the largest deepwater developments planned in the UK, with production to peak at 50,000 b/d after coming on line in 2018. Schiehallion is undergoing a major redevelopment, with production set to resume in 2016 and peak around 12,000 barrels of oil equivalent per day.