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Austria’s OMV to buy half of Sapura Upstream for $1.6 billion

OMV intends to acquire a 50 % stake in Sapura Energy’s wholly-owned subsidiary, Sapura Upstream.


Vienna, September 13 - Neftegaz.RU. OMV intends to acquire a 50 % stake in Malaysia´s Sapura Energy’s wholly-owned subsidiary, Sapura Upstream. The proposed transaction is based on an enterprise value of $1.6 billion. The parties have agreed to continue ongoing negotiations on an exclusive basis.

 

Announcing the agreement with OMV, Sapura said that by joining forces, Sapura Energy and OMV will be strategically positioned to create sustainable long-term growth, expand portfolios and future business activities as well as realize synergies in the value chain.

 

«The partnership with OMV complements our continued strategy to grow our portfolio and expand our acreage position. OMV’s existing footprint offers new opportunities for our upstream segment and increases market reach for our services segment where OMV operates,» said Tan Sri Shahril, CEO of Sapura Energy.

 

Sapura said that the partnership will sharpen Sapura Energy’s competitive advantage by leveraging on the strength of its portfolio of commercially viable gas fields offshore Sarawak and its acreage in new markets in New Zealand, Gulf of Mexico and most recently, Australia. In addition, OMV will benefit from Sapura Energy’s in-house capabilities, Sapura said.

 

Rainer Seele, OMV CEO, said: «The intended partnership with Sapura is a major step to develop OMV’s activities in South East Asia. The oil and gas demand in this region is expected to increase strongly until 2030 and OMV is taking the opportunity to further expand the business and build up the new core region.»

 

Source : Neftegaz.RU