OMV acquires Shell’s Upstream business in New Zealand
OMV News, March 15, 2018 - 10:00 pm (CET)
- OMV acquires Shell’s Upstream assets in New Zealand
- Adds recoverable resources of up to 100 mn boe to the OMV Portfolio
- Purchase price of USD 578 mn
- Important step to develop Australasia into an OMV core Region
OMV, the international integrated oil and gas company based in Vienna, has agreed to acquire Shell’s Upstream business in New Zealand comprising joint venture interests in Pohokura (48%), the largest gas producing field in New Zealand, and Maui (83.75%) as well as related infrastructure for production, storage and transportation.
OMV is an existing partner in the acquired assets (OMV’s current stakes: 26% in Pohokura and 10% in Maui) and intends to assume operatorship in both joint ventures.
The economic effective date of the transaction is January 1, 2018. Average production of the acquired assets in the first two months of 2018 was around 31,000 boe/d.
Rainer Seele, Chairman of the OMV Executive Board and CEO: “ 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%.
Download image: Map OMV New Zealand, (JPG, 2,3 MB)
OMV is producing and marketing oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 20 bn and a workforce of around 20,700 employees in 2017, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria and a balanced international portfolio, with the North Sea, the Middle East & Africa and Russia as further core regions. 2017 daily production stood at approximately 348,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tonnes and more than 2,000 filling stations in ten countries as of year-end 2017. OMV operates a gas pipeline network in Austria and gas storage facilities in Austria and Germany. In 2017, gas sales volumes amounted to 113 TWh.