OMV AGGrey Market
Tue, Nov. 8, 2:57 PM
- OMV (OTC:OMVJF) agrees to sell its U.K. subsidiary to P-E backed Siccar Point Energy, putting an end to its exploration activities in Britain, in a deal valued at up to $1B.
- Siccar Point will make an initial $750M firm payment to OMV, with a contingent $125M payment due pending a final investment decision on the Chevron-operated Rosebank project off the Shetland Islands in the U.K. North Sea.
- The Rosebank development project has been stalled in the front-end engineering and design phase since 2012; a final investment decision had been expected last year.
- OMV says the deal would at current exchange rates shave €350M ($386M) off its overall EBIT to reflect lost revenues in 2016.
Fri, Sep. 16, 10:59 AM
- Russia's Gazprom (OTCPK:OGZPY) and its European partners in the Nord Stream-2 gas pipeline project say they have submitted a permit application to Sweden, starting a process aimed at gaining official approval for the 1,200-km pipeline.
- The group says it plans to submit permit applications in the four other relevant jurisdictions - Russia, Finland, Denmark and Germany - in early 2017.
- Nord Stream-2, due to open in 2019, would double the amount of gas directly shipped from Russia to Germany; critics say it could limit supply routes and the energy security of the European Union, which already gets a third of its gas from Russia.
- Gazprom's Nord Stream-2 partners include Royal Dutch Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF), Engie (OTCPK:ENGIY) and Wintershall.
Tue, Sep. 13, 11:48 AM
- Pipes to build Russia's Nord Stream-2 are expected to start being supplied in December or January, in a sign the gas project designed to double the capacity of the existing pipeline on the Baltic Sea floor from Russia to Germany is going ahead.
- The head of the Russian pipemakers association told the Reuters Russia Investment Summit that he expects construction of Nord Stream-2, which was due to start in 2018, to go ahead as planned as production of the pipes had already begun.
- Last year, Gazprom (OTCPK:OGZPY) and its European partners, including Royal Duthc Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF), Engie (OTCPK:ENGIY) and Wintershall, agreed on the project which will double the 55B cm/year of the existing pipeline.
Thu, Aug. 25, 11:10 AM
- Western partners in the Nord Stream 2 gas pipeline extension to Europe are examining funding alternatives after Poland's cartel office recently blocked its clearance, Reuters reports.
- Gazprom's (OTCPK:OGZPY) five Western joint venture partners - Royal Dutch Shell (RDS.A, RDS.B), Austria's OMV (OTC:OMVJF), France's Engie (OTCPK:ENGIY) and Germany's Uniper and Wintershall - pulled out of the financing to avoid a drawn-out battle but vowed to help keep the project alive, saying Europe's gas production was declining and wanting to secure a share of future business.
- Reuters reports that the most likely options now could be to dilute current rights as equity participants to put the JV out of the Polish agency's reach, raising bank debt, or issuing loans to Gazprom with higher interest; to help with cash, partners could commit to volumes and pay up front when the gas is put into the pipeline.
- Opponents say Nord Stream 2 could tie Europe indefinitely to Russia at a time when gas sources are plentiful; U.S. VP Biden today called the pipeline a "bad deal" for Europe.
Fri, Aug. 12, 12:58 PM
- Gazprom (OTCPK:OGZPY) says it will build the proposed $11B Nord Stream 2 gas pipeline from Russia to Germany on its own after a joint venture with five European partners fell apart over pressure from Poland’s anti-monopoly watchdog.
- Altough the pipeline is not set to go through Poland or Polish waters, Gazprom needed the Polish watchdog’s approval to sell shares in the JV to its partners, some of which have assets in Poland; the regulator objected to the pipeline on the grounds that it would cement Gazprom’s already dominant position on the European gas market.
- All six partners - Gazprom plus Royal Dutch Shell (RDS.A, RDS.B), Austria's OMV (OTC:OMVJF), France's Engie (OTCPK:ENGIY), and Germany's Uniper and Wintershall - say the pipeline project would still move forward despite the decision.
Wed, Aug. 10, 9:04 AM
Wed, Jun. 8, 4:59 PM
- The Gazprom-led (OTCPK:OGZPY) consortium has issued the first major tender for its $11B Nord Stream-2 natural gas pipeline project, which could double supplies of Russian pipeline gas across the Baltic Sea to Western Europe, WSJ reports.
- The estimated $1B-plus tender for the pipe-laying contract has been sent to interested contractors, and bids will be evaluated by the consortium on June 13, according to the report.
- The JV building the project is 51% owned by Gazprom, while Royal Dutch Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF) and BASF/Wintershall (OTCQX:BASFY) each own 10% and Engie (OTCPK:ENGIY) has a 9% stake.
- The existing Nord Stream pipeline has been criticized because it allows Russia to circumvent transit countries, such as Ukraine and Poland; the European Union is skeptical about the new project on antitrust grounds because Gazprom would own all the gas to be transported through the infrastructure.
Wed, May 11, 6:44 AM
- OMV AG (OTC:OMVJF): Q1 EPS of €0.53
- Revenue of €3.99B (-31.6% Y/Y)
Thu, Feb. 18, 6:21 AM
- OMV AG (OTC:OMVJF): Q4 EPS of €0.55
- Revenue of €5.04B (-34.4% Y/Y)
Sep. 4, 2015, 11:29 AM
- Gazprom (OTCPK:OGZPY) signs a shareholder agreement with its European partners on the development of the second phase of the Nord Stream gas pipeline system in the Baltic Sea to increase gas supplies to the European Union, moving forward on an expansion previously opposed by EU authorities.
- The project would be developed by a new company in which Gazprom holds a 51% stake; Royal Dutch Shell (RDS.A, RDS.B), E.ON (OTCQX:EONGY), OMV (OTC:OMVJF) and BASF (OTCQX:BASFY) each would get a 10% stake and ENGIE (OTCPK:ENGIY) the remaining 9%.
- Under the proposed expansion, two more lines would be added to the existing network running to the German coast, bringing annual net aggregate capacity to 1.9T cf of natural gas.
- Earlier: BASF, Gazprom to complete asset swap deal
- Earlier: YPF, Gazprom sign deal to develop gas projects in Argentina
Jun. 18, 2015, 8:37 AM
- Gazprom (OTCPK:OGZPY) agrees to build a pipeline to Germany under the Baltic Sea with some of its biggest gas buyers in Europe, Royal Dutch Shell (RDS.A, RDS.B), Germany's E.ON (OTCQX:EONGY) and Austria's OMV (OTC:OMVJF).
- Gazprom says it would own 51% in the project to build stage 3 and 4 of Nord Stream, with capacity of 55B cm/year.
- Gazprom and Shell also sign an agreement to expand the Sakhalin-2 LNG project, Russia's sole liquefied natural gas plant, with a third line that would add 5M metric tons/year of LNG to current annual capacity of ~10M metric tons.
Jan. 2, 2015, 11:57 AM
- Marathon Oil (MRO +0.5%) and OMV (OTC:OMVJF) were the big winners as Croatia's government awarded 10 licenses for offshore oil exploration and drilling in the Adriatic Sea in its first round of bidding.
- The government sees total investments by the groups during the five-year-long exploration phase totaling $630M.
- With estimated crude and gas reserves of as much as 3B boe in Croatian waters in the Mediterranean - among the highest mix of underwater energy deposits in the European Union - the government hopes potential deposits worth billions of dollars may turn the tourism-centered economy into a regional energy heavyweight.
Dec. 16, 2014, 9:11 AM
- Total (NYSE:TOT) says it will delay drilling for oil and gas off Bulgaria's Black Sea coast by at least six months until early 2016 following the fall in global oil prices.
- TOT, operator of the offshore 1-21 Han Asparuh block, says it has cancelled tenders for drilling services in a decision agreed with its partners in the block, Austria's OMV (OTC:OMVJF) and Spain's Repsol (OTCQX:REPYY, OTCPK:REPYF).
- The drilling of a deepwater well in the block is estimated to cost ~€300M ($376M).
Nov. 13, 2014, 8:27 AM
- Genel Energy (OTCPK:GEGYF) signs an agreement with the Kurdistan regional government on development plans for two natural gas fields, and agreed to terms with energy firm OMV (OTC:OMVJF) to acquire its stake in one of the fields.
- The Miran and Bina Bawi fields, with combined estimated resources of 11.4Y cf of gas, are valued by analysts at ~$2.6B and are expected to help the Kurdistan government meet a gas export deal it signed with Turkey last year.
- Genel will pay $150M for OMV's 36% stake in the Bina Bawi field and take over the operation.
Sep. 30, 2014, 8:45 AM
Aug. 22, 2014, 7:23 AM
- OMV (OTC:OMVJF) is now the latest energy group to withdraw its staff from Iraqi Kurdistan, as violence continues to escalate in the region.
- "We were able to book a gas find in Kurdistan but are not active at the moment. All the staff that were there have left," says CEO Gerhard Roiss. "We are also waiting and seeing (what happens) south of Crimea, where we had plans together with Exxon (NYSE:XOM)."