Austrian energy group OMV on Oct. 3 said it has agreed to buy Siberian gas assets from Gazprom instead of swapping them for some of its own assets, giving in to opposition from Norway to the initial plans.
OMV agreed in 2016 to swap 38.5% of its Norwegian assets for 24.98% of the Russian company’s Achimov IV and V phase development in the Urengoy gas fields. It had hoped to seal the deal by the end of this year.
However, sources told Reuters in May that the Austrian group might buy the assets outright after Norway criticized the plan to give the Russian firm access to its continental shelf.
“The ‘basic sale agreement’ replaces the ‘basic agreement’ concluded between OMV and Gazprom on December 14, 2016,” OMV said in a statement.
The purchase price will be “negotiated in good faith”, it said. The signing of the final transaction documents is expected in early 2019.