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OMV reported a number of asset deals conducted by its 100% subsidiary, OMV U.K. Ltd., are in line with its strategy to focus the business in U.K. largely onto the West of Shetland area for future growth.
OMV’s stake in a number of licenses in the area surrounding the Beryl field and its satellites has been acquired by an undisclosed buyer. The deal is expected to close fourth quarter 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. Ltd. to acquire 17.5% equity in license P.967, including the Tobermory and Bunnehaven discoveries, operated by Total, in exchange for 30% equity in license P.726, including the Mariner East discovery. OMV is operator of licenses P.1488 and P.1854, which are contiguous with license P.967.
Jaap Huijskes, OMV executive board member responsible for exploration and production, said, “These are the first steps in line with our strategy to concentrate our resources in the U.K. 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 licenses P.090A and P.631, including 1.55% equity in the unitized producing Boa Field, to Bridge Energy.