OMV acquires 20% stake in Edvard Grieg oil field

10/17/2012

OMV acquires 20% stake in Edvard Grieg oil field

BY NICOLE LUNDEEN

VIENNA --Austrian oil and gas company OMV has acquired a stake in a Norwegian North Sea oil field, the company said.

OMV has acquired a 20% stake in the Edvard Grieg field. The agreement with the seller RWE Dea was signed on October 16. The Edvard Grieg field is located approximately 180 km west of Stavanger in a water depth of around 110 meters and operated by Lundin Petroleum which holds a 50% stake in the field. German company Wintershall holds a further 30% in the field.

The purchase price amounts to $320,74 million plus a contingent payment based on the achievement of certain operational milestones. The deal is subject to approval by the Norwegian Ministry of Petroleum and Energy and by the Norwegian Ministry of Finance.

Jaap Huijskes, OMV Executive Board Member responsible for exploration and production, said, "I'm glad to see that Norway is becoming a core country in our exploration and production portfolio. This is the third acquisition in Norway within a year."

Dow Jones Newswires

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