OMV Acquires 15% Stake in Aasta Hansteen Field

07/13/2012| 06:06am US/Eastern

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VIENNA --Austrian oil and gas company OMV AG (OMV.VI) has acquired a stake in the Aasta Hansteen field and increased its share in the Norwegian Sea Gas Infrastructure project, OMV said Friday.

MAIN FACTS:

-OMV signed an agreement to acquire a 15% stake in the Aasta Hansteen field from ExxonMobil (>> Exxon Mobil Corporation) and an increase of its share by 6.15% in the Norwegian Sea Gas Infrastructure project, or NSGI, subject to ministerial approval. This increases OMV's share in NSGI to 7.9%.

-Located in the Northern Norwegian Sea, the Aasta Hansteen field's expected recoverable net volume is estimated at 40 million to 60 million barrels of oil equivalent, or boe, of gas and 0.8 million to 1.0 million boe of condensate in a water depth of approximately 1,300 meters.

-Statoil ASA (STL.OS) has been operating the field since 2006. Co-venturers are OMV with a 15% stake and ConocoPhillips with a 10% stake.

-Production is currently planned to start in the fourth-quarter 2016 and is currently estimated to provide OMV with 18,000 boe per day net in 2017, OMV said.

-Jaap Huijskes, OMV executive board member responsible for exploration and production said, "We are well on track to establish Norway as a core country in our exploration and production portfolio."

-NSGI, which is includes a 480-kilometer pipeline from the Aasta Hansteen field to the Nyhamna gas processing plant, will also allow the connection of the Linnorm and Zidane fields, where OMV has a 20% stake.

Write to Vienna Bureau at nicole.lundeen@dowjones.com 
 

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