OMV acquires Shell’s Upstream business in NZ

OMV acquires Shell’s Upstream business in NZ

“ This acquisition is an important step to develop Australasia into a core region in line with our new strategy.” Johann Pleininger, OMV Board Member Upstream and Deputy Chairman of the Executive Board: “This acquisition builds on our operatorship capabilities in New Zealand, adds up to 100 mn boe of recoverable resources and improves the quality of our Upstream portfolio.” The purchase price is USD 578 mn and subject to customary adjustments. The transaction is likely to be completed in 2018. It is subject to conditions, including New Zealand Commerce Act and Overseas Investment approvals. In parallel to the acquisition of the interests in Pohokura and Maui, OMV has also acquired Shell’s 60.98 % interest in the Great South Basin exploration block (GSB). The transfer of GSB is immediately effective and increased OMV’s stake in GSB to 82.93%. Source / More: OMV oilandgasOil and Gas News Undiluted !!! “The squeaky wheel gets the oil” Please email us your industry related news for publication info@OilAndGasPress.com Follow us: @OilAndGasPress on Twitter | OilAndGasPress on Facebook]]>

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