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Bharat Vasandani Madhavan N. & Hari... Urvish Dave

Market & Company Research Store > Details

Year: 2012

Contents: 8 pages

Country: Norway

Sector: Exploration and Production (Energy)
OMV to Acquire 20% Interest in Edvard Grieg Field from RWE Dea for $366m - Acquisition is in line with OMV’s Strategy of Focusing on Upstream Growth - Deal Analysis from GlobalData

Summary

OMV (Norge) AS, a subsidiary of OMV Aktiengesellschaft (OMV), agreed to acquire a 20% interest in the Edvard Grieg field, offshore Norway, from RWE Dea Norge AS, a subsidiary of RWE Dea AG (RWE Dea), for a purchase consideration of up to €282.9m ($366.02m). The acquisition cost includes €247.9m ($320.74m) in cash and a contingent payment of up to €35m ($45.28m) based on achievement of certain operational milestones. The transaction has an effective date of January 1, 2012. The other partners in Edvard Grieg field include Lundin Petroleum AB (50% interest and operatorship) and Wintershall Holding GmbH (30% interest). The acquisition will enable OMV to strengthen its oil and gas Exploration and Production (E&P) portfolio in Norway. The transaction is expected to be completed in the fourth quarter of 2012, subject to approval by the Norwegian Ministry of Petroleum and Energy and the Ministry of Finance.

Scope

- Rationale behind OMV acquiring 20% interest in Edvard Grieg field from RWE Dea.
- Rationale behind disposal of RWE Dea’s stake in the Edvard Grieg field.
- Geography Covered- Offshore Norway

Reasons to buy

- To know about OMV’s ‘Profitable Growth’ strategy of focusing on upstream growth.
- Develop a sound understanding of how acquisition will help OMV to strengthen its oil and gas E&P portfolio in Norway.
- To understand how the current divestment by RWE Dea is part of its plans to balance the company’s international portfolio.
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