Gazprom has reached an agreement to buy a 38.5% stake in OMV (Norge) AS from OMV Aktiengesellschaft.

The transaction involves transferring of 24.98% stake in the Gazprom’s blocks IV and V of Urengoy field located in the northern area of West Siberian Basin, Russia.

OMV (Norge) owns 32 offshore licences on the Norwegian Continental Shelf (NCS). The acquisition will allow Gazprom to expand its NCS oil and Gas operations.

"The acquisition will allow Tamarind Management to expand its geographical footprint to New Zealand."

Tamarind Management Sdn Bhd has agreed to pay $1.5m to acquire all of the outstanding shares of AWE New Zealand Pty Ltd and AWE Taranaki Limited from AWE Limited.

AWE New Zealand and AWE Taranaki jointly hold 57.5% stake in Tui Area Oil Fields located in Taranaki Basin in offshore New Zealand.

Tui Area Oilfields will be owned by Tamarind Management (57.5%, operator), New Zealand Oil & Gas (27.5%) and Pan Pacific Petroleum (15%) upon completion of the transaction.

Scheduled for completion in the first quarter of 2017, the acquisition will allow Tamarind Management to expand its geographical footprint to New Zealand.