OMV Announces UK North Sea Divestments
OREANDA-NEWS. June 20, 2012. OMV announces a number of asset deals conducted by its 100% subsidiary, OMV (U.K.) Limited, in line with its strategy to focus the business in UK largely onto the West of Shetland area for future growth.
OMV’s stake in a number of licences in the area surrounding the Beryl field and its satellites has been acquired by an undisclosed buyer. The deal is expected to close in Q4 2012. OMV has held these assets since 1990, at which time it represented OMV’s first offshore producing venture worldwide.
OMV has also executed a swap agreement with Statoil (U.K.) Limited to acquire 17.5% equity in licence P.967, including the Tobermory and Bunnehaven discoveries, operated by Total, in exchange for 30% equity in licence P.726, including the Mariner East discovery. OMV is operator of licences P.1488 and P.1854, which are contiguous with licence P.967.
Jaap Huijskes, OMV Executive Board Member responsible for Exploration and Production:
“These are the first steps in line with our strategy to concentrate our resources in the UK on the important West of Shetlands area. OMV has production in this area from the Schiehallion field, where the re-development project is under way and targeting first production in 2016. In addition we are continuing to move our important discoveries – Rosebank, Cambo and Tornado – towards development decisions.”
Agreement has also been reached to divest a 13.62% stake in licences P.090A and P.631,
including 1.55% equity in the unitised producing Boa Field, to Bridge Energy.
These transactions will allow OMV (U.K.) Limited to focus its resources on delivering long-term growth in its core area, the West of Shetlands.