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OMV steps into deep water gas development in Northern Norwegian Sea
On July 12, OMV signed an agreement to acquire a 15% stake in the Aasta Hansteen field (formerly Luva, Production Licence 218/218 B) from ExxonMobil and an increase of its share by 6.15% in the Norwegian Sea Gas Infrastructure (NSGI) project. The deal is subject to approval by the Ministry of Petroleum and Energy. The Aasta Hansteen development contains three significant gas discoveries in the Vøring Basin, in the Northern Norwegian Sea. The expected recoverable net volume is estimated at 40 – 60 mn boe of gas and 0.8 – 1.0 mn boe of condensate in a water depth of approximately 1,300 m.

date.png14 Jul 2012 07:57 | comments.png 0 Comments | tags.png europe exxon norway omv upstream [ More ]

Petrom finalized the upgrade of the crude vacuum distillation unit in Petrobrazi refinery
Petrom, the largest oil and gas producer in South-Eastern Europe, commissioned the modernized crude vacuum distillation unit in Petrobrazi refinery, during the scheduled 6-week refinery general shutdown. The investment for the modernization program amounted to around EUR 100 mn. Petrobrazi refinery resumed operations this week.

date.png28 Jun 2012 05:15 | comments.png 0 Comments | tags.png europe omv petrom refinery romania [ More ]

OMV appoints Deutsche Bank to handle the divestment program in R&M
Deutsche Bank has been appointed as the investment bank to handle the structuring and implementation of the divestment program in the R&M business segment. Among other tasks, this includes the assessment of the divestment potential and the initiation of discussions with prospective buyers.

date.png13 Jan 2012 11:35 | comments.png 0 Comments | tags.png germany omv refinery [ More ]

OMV intends to sell its subsidiaries in Croatia and Bosnia-Herzegovina
In line with the OMV strategy, the sale of the retail and commercial business in Croatia (OMV Hrvatska d.o.o) and Bosnia-Herzegovina (OMV BH d.o.o) is under consideration. This would involve a total withdrawal from both markets.

date.png08 Dec 2011 09:55 | comments.png 0 Comments | tags.png bosnia croatia deals downstream omv [ More ]

OMV strategy update: Profitable growth
On September 21 – 22, 2011, OMV is hosting a Capital Markets Day and Media Summit in Istanbul to inform about the results of an extensive strategy review initiated by its CEO Gerhard Roiss and undertaken in the course of the last months. OMV aims to become more focused and simplified with the emphasis on growing in upstream, on integrated gas and on a restructured oil downstream business. A performance program will increase profitability and improve competitiveness.

date.png26 Sep 2011 06:51 | comments.png 0 Comments | tags.png omv refinery upstream [ More ]

Petrom makes a potentially significant gas discovery in Southwestern Romania
Petrom, the largest oil and gas producer in Southeastern Europe, announces the successful result of the exploration well 4539 Totea. The well was drilled in Southwestern Romania, in the Oltenia region, to a depth of 3,600 m and targeted a potentially large, high pressure accumulation. Wireline logging1 indicates the presence of multiple hydrocarbon bearing intervals within the early Miocene objective. During testing, a maximum stabilized flow rate of approximately 3,100 boe/d gas and associated condensate was recorded from a single zone. The results to date indicate this may be a significant new field which is to be assessed by further appraisal.

date.png11 Jul 2011 11:08 | comments.png 0 Comments | tags.png omv petrom romania upstream [ More ]

OMV with oil discovery in Kurdistan Region of Iraq
OMV, the leading energy Group in Central and Southeastern Europe, informs about a drilling success in its operated Bina Bawi block in the Kurdistan Region of Iraq. OMV is currently drilling an exploration well (Bina Bawi 3) and encountered hydrocarbons in one of the primary reservoir targets. The well is still being drilled and further investigations are planned in the course of the well operations including evaluation of deeper potential targets. OMV will inform about the full potential as soon as more information is available.

date.png06 Jun 2011 07:44 | comments.png 0 Comments | tags.png iraq omv upstream [ More ]

Petrom took the decision to permanently close the Arpechim refinery
Petrom, the largest oil and gas producer in Southeastern Europe, announces the decision to permanently close Arpechim refinery. The decision was taken in the Supervisory Board meeting that took place on March 24, 2011, and is in line with Petrom’s strategy to maximize the integration value of the company and to increase efficiency. The sale option, which the company investigated in the past year, is not feasible as no credible buyer was identified that would have the experience and financial resources necessary to safely and sustainably operate the refinery. On the other hand, Arpechim refinery is a challenging investment case considering that it is a landlocked refinery needing to import crude oil and mainly exporting finished products. In Europe, a series of other refineries that are more technologically advanced and better positioned than Arpechim face the same situation and are already closed or not operating.

date.png25 Mar 2011 12:13 | comments.png 0 Comments | tags.png omv petrom refinery romania [ More ]

OMV closes acquisition of Pioneer’s subsidiaries in Tunisia

  • Purchase of Tunisian exploration and production (E&P) business of Pioneer Natural Resources successfully completed as of February 18, 2011
  • OMV paid USD 800 mn plus USD 39.3 mn working capital Pre-emption right for Anaguid exploration permit and Mona/Durra production concession not exercised by the joint venture partner
  • Acquisition in line with corporate strategy to pursue bolt-on acquisitions in E&P to enable further growth
  • OMV remains committed to maintaining a strong investment grade credit rating
date.png21 Feb 2011 09:10 | comments.png 0 Comments | tags.png deals omv tunisia [ More ]

Statoil, strengthening our position in the Barents Sea
Statoil and OMV in Norway have entered into an agreement regarding swap of interests in two licences in the Barents Sea.
Statoil will take over 15 percent of OMV's 40 percent interest in production licence 537. The licence was awarded in the 20th licensing round in 2009 with OMV as the operator.

date.png14 Jan 2011 15:22 | comments.png 0 Comments | tags.png barents deals norway omv statoil [ More ]
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