Gazprom, OMV sign agreement for asset swap

Gazprom and OMV have signed the basic agreement for an asset swap in a ceremony attended by ministers of Austria and Russia.

The agreement, signed by Alexey Miller, Chairman of the Gazprom Management Committee, and Rainer Seele, Chairman of the OMV Executive Board, will see both companies exchanging assets.

Gazprom will receive a 38.5% stake in OMV (NORGE) AS, a company focused on geological exploration and production in Norway. In exchange, OMV will obtain a 24.98% stake in the project for developing Blocks 4 and 5 of the Achimov formation in the Urengoy oil, gas and condensate field.

“With this, OMV laid the foundation to reach one of its most important strategic targets. The project will substantially increase our reserve base,” said Seele.

Miller explained that both companies plan to agree and sign the final documents by mid of 2017.

The signing ceremony took place in the presence of Hans Jörg Schelling, Minister of Finance of the Republic of Austria and Anatoly Yanovsky, Deputy Minister of Energy of Russia.