Austrian integrated oil and gas firm OMV has signed an amendment agreement with Gazprom to purchase a 24.98% interest in the Achimov 4A/5A phase development at the Urengoy gas and condensate field for €905m ($1bn).
According to OMV, the total investment in the Achimov blocks is expected to amount to €950m by the end of 2044.
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According to the basic agreement dated October 2018, the agreement for the proposed acquisition has replaced the previous deal under which OMV agreed to acquire interests in the gas assets in exchange for some of its assets to be offered to Gazprom.
In 2016, OMV agreed to swap 38.5% of its Norwegian assets for the aforementioned stake in the Achimov IV and V phase development. The transaction was initially anticipated to be closed by the end of last year.
The current acquisition enables OMV to access the Achimov 4A/5A reservoir in the Urengoy field, which is Russia’s biggest gas and condensate field.
Located in Western Siberia, the gas field stretches over 12,000km².
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By GlobalDataThe acquisition is expected to add more than 600,000 barrels of oil equivalent per day (boe/d) by 2044. Production of the gas and condensate field is expected to start by the end of next year.
The transaction is, however, subject to approval from OMV’s supervisory board, an agreement with Gazprom on the final documents, and other regulatory approvals.
The final transaction is expected to be signed by the end of next year.
OMV has interests in several production licences on the Norwegian continental shelf, including in the Gullfaks, Gudrun and Edvard Grieg, and the Arctic Aaasta Hansteen gas fields.
