Austria: OMV sells its stake in the Wisting oil field

The transaction was approved by the Norwegian authorities and the 25% of its stake in the site will be acquired by Lundin Energy AB.

OMV has announced the completion of the divestment of its stake in the Wisting oil field located in Norway. The sale was confirmed after OMV AS, an affiliate of the company, obtained the necessary approvals from Norwegian authorities to divest its entire 25% stake to Lundin Energy AB.

After the announcement of the sales and purchase agreement back in October, the details have been confirmed. The transaction consisted of 320 million dollars, with a contingent payment of up to 20 million dollars depending on CAPEX’s final project. The economic effective date of the deal is January 1, 2021. The sale of the licenses is part of OMV’s focus on low-carbon projects as well as increasing the share of natural gas versus oil for its future product portfolio.

OMV AS was established back in 2006 and is a wholly owned subsidiary of OMV Exploration & Production GmbH. It holds production licenses in the Aasta Hansteen, Gullfaks and Gudrun fields, operated by Equinor, and in the Edvard Grieg field, which is operated by Lundin Energy Norway. As reported back in 2020, the daily production of these facilities was approximately 85,000 barrels of oil equivalent. It’s also the current operator of the Iris Hades discovery in the Norwegian Sea and has interests in 39 production licenses on the Norwegian continental shelf, operating a total of 11 licenses.