Offshore staff
VIENNA, Austria – Sapura Energy Berhad and OMV have signed two agreements to form a strategic partnership.
OMV Exploration & Production will pay $540 million to acquire a 50% interest in a newly-formed joint venture company, SEB Upstream, with an additional consideration of up to $85 million based on certain conditions, linked mainly to the resource volume in block 30 offshore Mexico.
Both parties have also agreed to refinance the existing intercompany debt of $350 million.
Sapura Upstream is an independent based in Malaysia with around 260 MMboe of productive reserves and strong growth prospects.
Its production and development assets are in shallow waters offshore Malaysia.
The company has interests in fields offshore Peninsular Malaysia and two natural gas E&P blocks offshore Sarawak in an infrastructure-intensive area. The latter include theSK408 fields which are under development, with first gas expected in 2020. Sapura Upstream also has exploration blocks in New Zealand, Australia, and Mexico.
“The cooperation will allow OMV to enter into a partnership with a highly esteemed regional independent company and will support our Upstream strategy towards establishing Australasia as a new core region,” said Rainer Seele, CEO and chairman of OMV Group.
Johann Pleininger, OMV Board Member Upstream and deputy chairman, added: “AsAsia/Pacific is an attractive growing market, Malaysia will represent OMV’s platform for further regional growth.”
Tan Sri Dato’ Seri Shahril Shamsuddin, resident and Group CEO, Sapura Energy, said: “We believe the partnership will create sustainable growth for the business, realising synergies from both sides to achieve our vision of creating the largest regional independent O&G company.”
11/09/2018
