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OMV acquires Tunisian exploration firm

Tunis, January 10, 2011

Leading Austrian energy group OMV said it has signed a deal to acquire the Tunisian subsidiaries of US oil and gas company, Pioneer Natural Resources, for $866 million.

The transaction was done through its fully owned subsidiary OMV (Tunesien) Production, the company said in a statement.

It adds immediate production capacity, significant scope for exploration and development, and opportunities to boost efficiency because the sites adjoin OMV's existing Tunisian fields, the statement added.

The transaction is likely to be closed in the first quarter of 2011, said a top official.

'I am delighted to announce this acquisition of Pioneer’s Tunisian units, as a result of which OMV will substantially increase its production and reserves base in Tunisia, thus ensuring a sustainable business in the years to come,' remarked Jaap Huijskes, OMV executive board member, responsible for E&P.

According to him, OMV is fully committed to unlocking the hydrocarbon resource potential in southern Tunisia together with its partners and to supplying gas to the domestic market.

'The acquisition is in line with the company’s strategy to achieve synergy effects with existing OMV assets and to pursue bolt-on acquisitions in E&P to enable future growth,' he added.-TradeArabia News Service

Tags: OMV | energy group | Tunisian exploration | Pioneer Natural Resources | US gas company |

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