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
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)."
Jul. 21, 2014, 10:18 AM
- ExxonMobil (XOM -0.2%) and OMV (OTC:OMVJF) say they have begun drilling at a well that will help assess the size and commercial viability of their jointly held Domino 1 Black Sea well, the most significant Black Sea gas discovery so far.
- The two companies say they had started drilling at the Domino 2 well in the deepwater sector of the Neptun block in Romanian waters, where each holds a 50% stake.
Apr. 3, 2014, 7:49 AM
- Murphy Oil (MUR) and OMV (OMVJF) team up to enter an exploration project offshore Namibia, acquiring a combined 65% interest in two exploration blocks from Brazil's Cowan Petroleum.
- MUR will become operator of the joint venture with a 40% stake in each block.
- OMV says offshore Namibia offers great exploration potential as it is largely unexplored yet with all the elements of an effective hydrocarbon system.
Mar. 19, 2014, 7:52 AM
- 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.
In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. OMV operates a 2,000 km long gas pipeline network in Austria with a marketed capacity of around 103 bcm in 2012. With a trading volume of around 528 TWh in 2012, OMVs gas trading platform, the Central European Gas Hub, is amongst... More
Sector: Basic Materials
Industry: Major Integrated Oil & Gas