Austrian oil and gas company OMV and Russian energy giant Gazprom will not be swapping assets in Russia and Norway as previously agreed.
The two companies on Wednesday have signed a “Basic Sale Agreement” which foresees a potential acquisition of a 24.98% interest in the Achimov IV and V phase development in the Urengoy gas and condensate field in Russia by OMV for a purchase price to be negotiated in good faith.
The new agreement replaces what was dubbed the “Basic Agreement” concluded between OMV and Gazprom on December 14, 2016 which provided for a potential asset swap of the above-mentioned interest in Russia against a 38.5% participation of Gazprom in OMV (NORGE) AS.
OMV on Wednesday said the execution and implementation of the potential transaction was, amongst others, subject to agreement with Gazprom on the final transaction documents and regulatory and corporate approvals at a later stage. The signing of the final transaction documents is expected in the beginning of the year 2019.