OMV acquired 24.99% of the Yuzhno Russkoye gas field from Uniper

OMV acquisitionAustrian energy giant OMV acquired 24.99% of the Yuzhno Russkoye gas field from Uniper for just over 1.7 billion EUR. The transaction will have a retroactive economic impact and will come into force on January 1, 2017. The field is located in Western Siberia from Uniper SE following fulfillment of all closing conditions including regulatory and co-shareholder approvals. At the moment, it generates 25 billion cubic meters of natural gas annually. The license for its use expires in 2043.

The deal with the German Uniper must be approved by the regulators. It is already in the green light of the Russian government commission on international investment.

“The closing of this landmark transaction is a further milestone in OMV´s successful delivery on its corporate strategy to establish Russia as a new core region of OMV. Our stake in Yuzhno Russkoye adds 100,000 boe/d to OMV´s production. This boosts OMV´s total production to more than 430,000 boe/d”, said Chairman and CEO of OMV, Rainer Seele.

With the acquisition, OMV hopes to increase its yield to 100,000 barrels of oil equivalent per day. At present, the yield is 430 thousand barrels.

The Yuzhno Russkoye field is one of the largest gas fields in Russia, situated in the Yamal-Nenets region. Current plateau production of the field amounts to 25 bn cubic meters per year (100%).