Hess sells British oil and gas licenses to OMV for $50M

|About: OMV AG (OMVJF)|By:, SA News Editor

Austrian oil and gas company OMV (OMVJF) agrees to acquire four additional licenses for exploration and drilling in West of Shetland, Scotland, from Hess (HES) for $50M, strengthening its position in the U.K.

OMV will acquire 60M boe of recoverable hydrocarbons in the deal, mainly in the Cambo field which is under appraisal; a contingent payment of up to $35M is possible.