OMV has agreed to acquire a 20% stake from RWE Dea in the Edvard Grieg field in the Norwegian North Sea.
Offshore staff
VIENNA, Austria – OMV has agreed to acquire a 20% stake from RWE Dea in the Edvard Grieg field in the Norwegian North Sea.
Assuming approval from the Norwegian authorities, OMV will secure 2P reserves of more than 38 MMboe of oil and associated gas and net production of up to 19,000 boe/d in 2016, when the field is expected to come onstream.
Cost of the transaction is €247.9 million ($323 million) effective Jan. 1, 2012, plus a contingent payment based on certain operational milestones being achieved.
Edvard Grieg (ex-Luno) was discovered in 2007, opening a new geological play type in the Utsira High. The location is 180 km (112 mi) west of Stavanger, in a water depth of about 110 m (361 ft). There is further exploration potential within the block boundaries.
Lundin Norway operates the development, in partnership with Wintershall. All main contracts for drilling, platform andtopside construction have already been awarded.
