OMV AG, Vienna, reported it would acquire from Royal Dutch Shell PLC the supermajor’s upstream assets in New Zealand for $578 million. The deal adds recoverable resources of as much as 100 million boe to OMV’s portfolio, the company said.
The company noted the move was an “important step to develop Australasia into an OMV core region.”
The assets comprise joint venture interests in Pohokura (48%), the largest gas producing field in New Zealand, and Maui (83.75%) as well as related infrastructure for production, storage, and transportation.
OMV is an existing partner in the acquired assets. OMV’s current stakes are 26% in Pohokura and 10% in Maui, and the company said it plans to assume operatorship in both joint ventures.
The economic effective date of the transaction is Jan. 1. Average production of the acquired assets in this year’s first 2 months was 31,000 boe/d.
The transaction is likely to be completed in 2018. It is subject to conditions, including New Zealand Commerce Act and overseas investment approvals.
In parallel to the acquisition of the interests in Pohokura and Maui, OMV also has acquired Shell’s 60.98% interest in the Great South Basin exploration block. The transfer of GSB is immediately effective and increased OMV’s stake in GSB to 82.93%.
