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OMV signed an agreement to acquire a 15% stake in the Aasta Hansteen field (formerly Luva, Production License 218/218 B) from ExxonMobil and an increase of its share by 6.15% in the Norwegian Sea Gas Infrastructure project.
The deal is subject to approval by the Ministry of Petroleum and Energy. The Aasta Hansteen development contains three gas discoveries in the Vøring basin, in the northern Norwegian Sea. The expected recoverable net volume is estimated at 40-60 MMboe of gas and 0.8-1.0 MMboe of condensate in a water depth of approximately 1,300 m (4,265 ft).
The Aasta Hansteen field was originally discovered in 1997 and lies 300 km (186 miles) offshore in the Vøring basin. Statoil has been operating the field since 2006. Co-venturers are OMV with a 15% stake and ConocoPhillips with a 10% stake. The field development is currently in the FEED phase. The final investment decision by the co-venturers is scheduled for Q4 2012.
The acquisition will provide OMV with recoverable resources of 43MM boe from three discoveries. Additional exploration potential upside is identified which may contribute at a later stage. Production is currently planned to start in Q4/16 and is currently estimated to provide OMV with 18,000 boe/d net in 2017.