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HomeFinanceOMV to divest oil and gas shares to TotalEnergies

OMV to divest oil and gas shares to TotalEnergies

Austrian energy company OMV has signed an agreement to divest its 50 per cent shareholding in SapuraOMV Upstream to TotalEnergies Holdings for an overall cash consideration of 903 million US dollars (839.2 million euros).

Established in 2019, SapuraOMV is a Malaysia-based 50:50 oil and gas joint venture between Sapura Energy Berhad and OMV, with production and development assets in Malaysian waters, as well as exploration shares in Mexico, Australia and New Zealand.

This amount includes a full repayment of an outstanding 350 million US dollars (325.3 million euros) shareholder loan granted by OMV to SapuraOMV, as well as net working capital and other elements with the consideration being subject to closing adjustments.

“This agreement streamlines our Energy portfolio and is in line with the OMV Strategy 2030 of reducing oil and gas production over time. Furthermore, this divestment will help OMV crystalize value and re-deploy capital for new strategic projects,” said Alfred Stern, CEO of OMV. “On behalf of OMV, I thank all employees at SapuraOMV for their commitment and contributions.”

The divestment is expected to be finalised at around the end of the first half of 2024, in particular subject to regulatory approvals. The remaining 50 per cent share is held by SapuraEnergy.

Furthermore, OMV announced that the sale process for 100 per cent of shares in its oil and gas subsidiary in New Zealand (OMV New Zealand Limited) is continuing.

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