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euro adhoc: OMV Aktiengesellschaft
Mergers - Acquisitions - Takeovers
OMV acquires international E&P business of Preussag Energie (E)

Disclosure announcement transmitted by euro adhoc. The issuer is
responsible for the content of this announcement.
• In line with OMV’s ambitious growth strategy
• Earnings enhancing and additional 20,000 boe per day from 2003
• Production and reserves substantially increased
• Excellent strategic fit: E&P core areas in North Africa and New
  Zealand strengthened
With effect from 1 January 2003, the European oil and gas group OMV
acquired the entire international E&P portfolio of Preussag Energie
GmbH, a wholly-owned subsidiary of TUI AG.  The sale of the
international E&P portfolio of Preussag Energie by TUI AG is being
carried out as part of the company's withdrawal from the oil and gas
business.  This acquisition moves OMV closer to its 2008 production
goal of 160,000 barrels of oil equivalent per day (boe/d).
The purchase price is about EUR 300 million (mn) and is being
financed by cash flow and bank loans.  The licenses, exploration, and
production sites are mainly located in OMV’s core E&P regions,
providing an optimal fit with the Group's growth strategy.  The
increase in daily production of about 20,000 boe/d for 2003
corresponds to just under one quarter of the Group's average E&P
production in 2002.
The acquisition should be earnings enhancing this year, boosting
income in 2003.  The portfolio has strong growth potential and will
bring OMV much closer to its 2008 production goal of 160,000 boe/d. 
At the end of 2002, OMV was producing about 100,000 boe/d.
Wolfgang Ruttenstorfer, CEO of OMV commented: "We have taken a major
step forward in the direction of increased growth and shareholder
value.  This acquisition is fully in line with our stated growth
strategy."
Substantial increase in OMV’s oil and gas reserves
This acquisition will give the Group 77 mn boe proved and 172 mn boe
proved and probable oil and gas reserves.  These figures were
determined by the internationally recognized consultancy DeGolyer and
MacNaughton.  At the end of 2001 OMV’s proved oil and gas reserves
were 340 mn boe; proved and probable reserves totalled 511 mn boe.
International Exploration and Production (E&P) portfolio
significantly strengthened
Helmut Langanger, member of the OMV Management Board with
responsibility for E&P, states: "In addition to substantially
increasing our production and reserves, this acquisition will also
greatly strengthen our North Africa and Australia/New Zealand core
regions.  What makes the new assets attractive is their growth
potential."
The newly acquired portfolio includes exploration sites and oilfields
in Albania, Ecuador, Qatar, Tunisia, Venezuela and Yemen.  Of
particular importance are a gas/condensate field as well as
exploration licenses in New Zealand as these assets, together with
OMV’s existing portfolio in this country, should generate substantial
sustained growth.
In New Zealand, the portfolio will be acquired by OMV New Zealand Pty
Ltd, a wholly-owned subsidiary of the OMV Group.  The other
international E&P interests will be acquired by OMV
Aktiengesellschaft.
The sale of the non-German E&P portfolio of Preussag Energie by TUI
AG is being carried out as part of the company's withdrawal from the
oil and gas business.  TUI will focus on its core businesses, tourism
and logistics.
The scope of the transaction will depend on approvals by the relevant
government authorities, the exercise of contractual rights by partner
companies, and the necessary compliance with cartel (antitrust) law.
Notes to editors:
OMV Aktiengesellschaft 
With group sales of EUR 7.74 billion in 2001, 5,659 employees, and a
market capitalization of EUR 2.5 billion, OMV Aktiengesellschaft is
one of Austria's largest publicly traded industrial companies.  As
the leading oil and gas company in central and eastern Europe, the
OMV Group is active in refining and marketing in 12 different
countries in central and eastern Europe.  Internationally, it is
engaged in exploration and production in 13 countries.  The Group
also operates integrated chemical production facilities.  In
addition, OMV holds a 25% stake in Borealis A/S, one of the world's
leading polyolefin producers.  It also holds about 10% of the
Hungarian oil and gas company MOL, as well as 25.1% of The Rompetrol
Group NV, the largest privately held oil company in Romania.  OMV’s
goal is to increase the number of service stations it operates in its
core regions of central and eastern Europe to 2000, and to increase
its market share in the retail and commercial business to 20% by
2008.  By 2008 OMV’s E&P division plans to increase production to
160,000 boe/d.
TUI AG
The world's largest tourism Group TUI AG, originating from former
Preussag AG, is headquartered in Berlin and Hannover.  TUI AG now
includes 81 tour operator brands that serviced around 22 million
customers in 2001.  The group operates 3,715 travel agencies, 32
incoming agencies and 88 aircraft, including such famous brands as
Hapag-Lloyd Flug and Britannia Airways.  In addition, the investments
also include 285 hotels with a capacity of 150,000 beds.  In the 2001
financial year, the 70,000 employees of TUI AG generated a turnover
of around EUR 22 billion.
Detailed information on the newly acquired E&P portfolio:
Tunisia
The assets in Tunisia consist of the producing oilfields Ashtart,
Rhemoura, Guebiba/El Hajeb, Cercina and Gremda/El Ain.  Daily
production of about 11,000 bbl is expected for 2003 (share
attributable to Preussag Energie GmbH, referred to below as
Preussag).  About 8,000 bbl/d will be generated by the offshore field
Ashtart.
OMV is also acquiring stakes in the Chergui gas field, which is
currently being developed, as well as the operatorship for the three
exploration licenses for El Jem, Kerkennah West and Maatoug.
The proved reserves of the fields acquired are 34 mn boe; proved and
probable reserves total 54 mn boe.  The acquisition complements OMV's
portfolio in Libya, where the Company currently produces about 22,000
bbl.
Preussag shares: 
Ashtart                   50.00%
Cercina                   49.00%
Chergui                   49.00%
El Jem                   100.00%
Gremda/El Ain             49.00%
Guebiba/El Hajeb          49.00%
Halk el Menzel            50.50%
Kerkennah West            49.00%
Maatoug                   50.00%
Rhemoura                  49.00%
New Zealand
The assets acquired in New Zealand comprise the Pohokura
gas/condensate field, whose probable reserves are 44 mn boe (Preussag
share), as well as three additional exploration licenses.  Pohokura
optimally complements the recent acquisition of a 10% share in the
Maui gas field.  The two fields will position OMV to make an
important contribution to meeting the country's energy needs. 
Pohokura will be developed in the next few years and will probably go
into production in 2005.  OMV currently produces about 12,000 boe/d
in Australia and New Zealand.
Preussag shares: 
PEP 38459 (Pohokura)      35.86%
PEP 38716 (Huinga)        24.00%
PEP 38728 (Makino)        15.00%
PEP 38744 (Block I)       50.00%
Qatar
In Qatar, a producing oilfield (Al Rayyan, block 12) and exploration
block 13 will give OMV access to the southern Gulf region.  Al Rayyan
currently produces about 1,000 bbl/d (Preussag share) and has proved
reserves of about 5 mn bbl, as well as proved and probable reserves
of 8 mn bbl.
Preussag shares: 
Block 12 (Al Rayyan)      7.50%
Block 13                  7.50%
Yemen
In Yemen, OMV is acquiring exploration projects and operatorship in
block S2 in central Yemen.  Since 2001 OMV has been active in
northern Yemen, where it is conducting exploration activities in
block 60.
Preussag shares:
Block S2 (Al Uqlah)       44.00%
Albania
The Albanian assets comprise a share in the Patos-Marinza oilfield
and two exploration blocks. Patos-Marinza is one of Europe's largest
onshore oilfields, with an initial oil in place of about 2 billion
bbl, of which about 7% has been produced thus far.  This field will
be developed as part of a re-development project involving the
drilling of an additional 25 wells. Proved reserves are 1 mn bbl;
proved and probable reserves amount to 8 mn bbl.  The acquired assets
further enhance the potential of OMV’s three existing exploration
blocks in Albania.  OMV has been active in Albania since 1991.
Preussag shares: 
Patos-Marinza             17.50%
Block D                   33.33%
Block E                   33.33%
Ecuador and Venezuela
There are also assets located in South America included in the
acquisition.  OMV will evaluate this portfolio and then decide on
possible options.
In Ecuador, OMV will acquire stakes in blocks 7 and 21, which contain
producing oilfields as well as exploration prospects.  The proved
reserves for the two blocks are 12 mn bbl and the proved and probable
reserves are 18 mn bbl. In 2003, OMV expects an average daily
production of about 3,000 bbl (Preussag share).
In Venezuela, OMV will acquire shares in the Cabimas (operated by
Preussag) and Boqueron oilfields.  The Preussag share in Venezuelan
production is about 5,000 bbl per day.  Proved reserves are 25 mn
bbl; proved and probable reserves total 40 mn bbl.
Preussag shares: 
Ecuador
Block 7                  25.00%
Block 21                 17.50%
Venezuela 
Boqueron                 30.00%
Cabimas                  90.00%
- Ends -
end of announcement        euro adhoc 22.01.2003

Further inquiry note:

OMV Investor Relations: Brigitte H. Juen Tel. +43 1 404 40-21622; e-mail:
investor.relations@omv.com Presse/Press: Bernhard Hudik Tel. +43 1 404 40-21660; e-mail: bernhard.hudik@omv.com
Thomas Huemer Tel. +43 1 404 40-21660; e-mail: thomas.huemer@omv.com Internet Homepage:
http://www.omv.com

Branche: Oil & Gas - Downstream activities
ISIN: AT0000743059
WKN: 074305
Index: ATX, ATX Prime
Börsen: Bayerische Börse / official dealing
Frankfurter Wertpapierbörse / official dealing
London Stock Exchange / official dealing
Wiener Börse AG / official dealing

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