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Gazprom and OMV agree on asset swap in Russia and Norway

Russian gas giant Gazprom and Austrian energy group OMV have signed a binding basic agreement on asset swap, under the terms of which Gazprom will receive a 38.5% stake in OMV Norge in turn for a 24.98% stake in the project for developing Blocks 4 and 5 of the Achimov formation in the Urengoy oil, gas and condensate field in Russia. The deal is subject to an agreement on the final transaction documents, regulatory approvals and further corporate approvals; the transaction is expected to be completed by mid-2017. The Achimov deposits account for more than 1,000 bcm of gas and 200 Mt of gas condensate (C1 category).



In October 2015, Gazprom had already concluded an asset swap with German group BASF, acquiring a 50% stake in Wintershall Noordzee (WINZ, involved in hydrocarbon exploration and production in the North Sea) and other stakes in European companies. In turn, BASF acquired a 25.01% in the project for developing Blocks 4A and 5A in the Achimov deposits of the Urengoy oil, gas and condensate field.