OMV, Sapura formalize joint venture

Offshore staff

VIENNA, Austria – OMV and Sapura Energy Berhad have closed an agreement announced last year, entering a strategic partnership.

This will be known as SapuraOMV Upstream Sdn. Bhd, with producible reserves of around 269 MMboe and strong growth prospects.

OMV Exploration & Production paid $540 million for 50% of the issued share capital in the new venture. In addition, the parties agreed to an additional consideration of up to $85 million linked mainly to the resource volume in block 30 offshore Mexico.

They have also agreed to re-finance the existing inter-company debt of $350 million.

Management will be based in Malaysia.

02/01/2019