Friday, December 3

OMV sells stake in Norwegian oil field

The oil, gas and chemical company OMV is selling its stake in the Norwegian oil field Wisting for $ 320 million. OMV announced today that they have reached an agreement with Lundin Energy to sell the 25 percent stake.

In addition to the purchase price, a conditional payment of up to $ 20 million was agreed, which is dependent on the final investment, the company said. The sale fits in with OMV’s strategy of increasing the proportion of gas compared to oil in order to reduce the CO2 intensity of the portfolio in the future, said OMV board member Johann Pleininger, who heads the Exploration & Production division.

The conditional payment is due if the investments are lower than what is currently stipulated in the field development plan. According to OMV, the Wisting oil field in the Hoop Basin of the Barents Sea is around 310 kilometers from the Norwegian mainland. Equinor Energy is the operator in the project development phase. The planned start of production is 2028.

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