OMV Acquires Statoil's North Sea Assets For $2.65 Billion

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Hira Shahnawaz Akhtar
Published on
Updated on

OMV AG (ADR) (OTCMKTS:OMVKY) (ETR:OMV) (FRA:OMV) announced this morning that it has acquired the North Sea assets of the Norwegian company Statoil ASA (NYSE:STO) for USD $2.65 billion. The company claims that this transaction will materially enhance OMV’s upstream portfolio. OMV to acquire 24 percent stakes in Gudrun field OMV AG (ADR) (OTCMKTS:OMVKY) (ETR:OMV) (FRA:OMV) has agreed to acquire 19% in the producing Gullfaks field and 24% in the Gudrun field. Both of these oil and gas producing fields are located in the offshore Norwegian Continental Shelf. In addition, OMV will take over 30% in Rosebank and around 5.88% in Schiehallion,…

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Hira is a financial analyst whose expertise lies in commodity and other financial markets. Hira is currently an independent financial consultant and is working with many international firms like American Arab Solutions (AAS). She has previously served as a Senior Research Analyst at Alternate Research (Pvt.) Ltd. as the Team Leader for the International Equities Research. She has also worked as an equities analyst of Pakistani E&P stocks at Invest Capital Markets. She has experience in business development and conducting feasibility studies in commodity markets, specifically in sugar, palm oil and canola oilseeds. She has cleared all three levels of her CFA (Chartered Financial Analyst) and has an undergraduate degree in Finance.