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OMV and Gazprom sign a basic sale agreement regarding Achimov IV and V phase development in the Urengoy gas and condensate field

OMV and Gazprom have signed a basic sale agreement which foresees a potential acquisition of a 24.98% interest in the Achimov IV and V phase development in the Urengoy gas and condensate field by OMV for a purchase price to be negotiated in good faith.

OMV and Gazprom sign a basic sale agreement regarding Achimov IV and V phase development in the Urengoy gas and condensate field OMV and Gazprom sign a basic sale agreement regarding Achimov IV and V phase development in the Urengoy gas and condensate field

Saint-Petersburg, October 4 - Neftegaz.RU. OMV and Gazprom have signed a basic sale agreement which foresees a potential acquisition of a 24.98% interest in the Achimov IV and V phase development in the Urengoy gas and condensate field by OMV for a purchase price to be negotiated in good faith.

OMV reported this on October 3, 2018.

 

The basic sale agreement replaces the basic agreement concluded between OMV and Gazprom on December 14, 2016 which provided for a potential asset swap of the aforementioned interest against a 38.5% participation of Gazprom in OMV (NORGE) AS.

 

The execution and implementation of the potential transaction is, amongst others, subject to agreement with Gazprom on the final transaction documents and regulatory and corporate approvals at a later stage.

The signing of the final transaction documents is expected in the beginning of the year 2019.

 

Gazprom's share will decrease to 50.01%.

The share of Wintershall will remain at the level of 25.01%.

Operation in the Achimov IV and V phase development is expected until 2069.

 

To read this news in Russian.

 

Source : Neftegaz.RU