OMV, an oil and gas company based in Vienna, is to buy Shell’s Upstream business in New Zealand for $578m.

It comprises joint venture interests in Pohokura (48%), the largest gas producing field in New Zealand, and Maui (83.75%) as well as related infrastructure for production, storage and transport.

OMV is an existing partner in the acquired assets (OMV’s current stakes: 26% in Pohokura and 10% in Maui) and intends to assume operatorship in both joint ventures.

Average production of the acquired assets in the first two months of 2018 was around 31,000 boe/d.

Johann Pleininger, OMV Board Member Upstream and Deputy Chairman of the Executive Board, said: “This acquisition builds on our operatorship capabilities in New Zealand, adds up to 100 million boe of recoverable resources and improves the quality of our Upstream portfolio.”

In parallel to the acquisition of the interests in Pohokura and Maui, OMV has also acquired Shell’s 60.98 % interest in the Great South Basin exploration block (GSB). The transfer of GSB is immediately effective and increased OMV’s stake in GSB to 82.93%.

21st March 2018

21st March 2018