Exploration & Production

OMV and Gazprom drop asset swap plans after opposition from Norway

Gazprom and Austria’s OMV have dropped plans for an asset swap after the Norwegian authorities refused to approve the deal.
By Staff reporter 4 October 2018 0 32783

Gazprom and Austria’s OMV have dropped plans for an asset swap after the Norwegian authorities refused to approve the deal.

OMV had planned to swap a stake in a North Sea project through a 38.5% interest in OMV’s Norwegian subsidiary, OMV Norge, for a stake in the Urengoi Achimov deposits in Russia’s Yamal-Nenets region. But Norwegian opposition to the swap – initially agreed in 2016 – forced the companies to make changes.

OMV will now buy a 24.98% stake in the Urengoi Achimov project,...