SHARE

OMV Group said Wednesday it has acquired the Hess portfolio in West of Shetland, UK.

With the deal, OMV increased its share in the Cambo field from 15.0% to 47.5%

OMV said it will take over as operator from Hess.

Under the agreement, OMV will acquire four licenses in West of Shetland (WoS), UK, including the field Cambo and the Blackrock prospect.

OMV CEO Gerhard Roiss said: “This transaction further strengthens OMV’s portfolio of assets in our UK focus area, West of Shetland, where we are consistently executing our strategy of unlocking value from our investments by taking larger stakes and more projects with operatorship within our upstream portfolio.”

OMV operates the adjacent Tornado discovery and the Suilven discovery in WoS.

With the Hess transaction, OMV said it will acquire “60 mn boe of recoverable hydrocarbons, mainly in the field Cambo which is under appraisal, with further exploration and appraisal potential for US$50 million.”

Depending on future developments, OMV may owe Hess a further payment of up to US$35 million, OMV said.

The Blackrock prospect is located between the Rosebank and Cambo discoveries and expected to be drilled in 2015.

OMV now holds interests in 22 licenses in WoS, including Rosebank, Schiehallion, Tornado and Suilven and additional four licenses in the adjacent Faroe Islands.

The transaction is subject to the approval of the UK Government and joint venture partners.

OMV had revenues of $59 billion in 2013.

It has a workforce of around 27,000 employees.

OMV Aktiengesellschaft is Austria’s largest listed industrial company.