Austria’s OMV buys licenses in UK

March 20, 2014

OMV is expanding its position in the UK core area, OMV’s press office said on March 19. Agreement has been reached with Hess to acquire four licenses in West of Shetland (WoS), UK, including the field Cambo and the Blackrock prospect.

OMV CEO Gerhard Roiss: "This transaction further strengthens OMV’s portfolio of assets in our UK focus area, West of Shetland, where we are consistently executing our strategy of unlocking value from our investments by taking larger stakes and more projects with operatorship within our upstream portfolio."

OMV UK has a unique position in the Cambo area offering potential valuable synergies, with the adjacent OMV-operated Tornado discovery and the Suilven discovery. There are also further prospects with tie-back potential to develop Cambo as a valuable area hub. With this transaction, OMV will acquire 60 mn boe of recoverable hydrocarbons, mainly in the field Cambo which is under appraisal, with further exploration and appraisal potential for USD 50 mn. Depending on future developments, a contingent payment of up to USD 35 mn is possible.

The Blackrock prospect is located between the Rosebank and Cambo discoveries and expected to be drilled in 2015.

Source: OMV Press Office, 2014