Omv Announces The Disposal Of Its Gas Assets In Eastern And Southern Australia
Posted: 23 February 2005
OMV, Central Europe ’s leading oil and gas group, announces the disposal of its gas assets in eastern and southern Australia as a part of an E&P portfolio rationalization. OMV AUSTRALIA Pty Ltd, a 100% subsidiary of OMV Aktiengesellschaft, is selling its wholly owned subsidiary Basin Oil Pty Ltd, holder of OMV’s Cooper Basin and Gippsland Basin interests, to Santos Ltd, Australia ’s largest gas producer. The deal, which is effective from January 1, 2005 , is a cash transaction and the parties have agreed not to disclose the value of the transaction. The transaction is still subject to government approvals and is expected to be completed in the second quarter of 2005.
Helmut Langanger, OMV Executive Board member responsible for Exploration and Production (E&P) stated: “As part of a portfolio rationalization, we are disposing of our Cooper Basin and Gippsland Basin gas assets and other interests. In Australia we will focus our activities on oil exploration in the Carnarvon Basin and Timor Sea . As our existing joint venture partner in those assets Santos Ltd is the perfect company to acquire our gas interests. The sale is of advantage for both companies.” The assets sold represent a production of about 3,600 boe/d.
The OMV assets sold to Santos Ltd are:
- VIC/L21 Patricia Baleen gas field and associated processing facilities (OMV: 40%)
- VIC/RL3 Sole gas field (OMV: 40%)
- VIC/RL1 Golden Beach gas field (OMV: 33%)
- VIC/P55 exploration block (OMV: 33%)
- Cooper Basin (OMV: 2.1%)
Balanced international E&P portfolio
OMV owns a balanced international E&P portfolio in 18 countries organized around five core regions, namely the Danube and Adriatic , Northern Africa , the British North Sea, the Middle East and Australia/New Zealand. Due to the acquisition of 51% of Petrom S.A. , Romania´s largest oil company, OMV’s daily production volume is approximately 340,000 boe/d, and the company’s reserves approximately 1.4 bn boe.
Posted by Editor Pipeline Magazine
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