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Arntzen de Besche has advised OMV on the sale of the Wisting oil field

OMV, an international integrated oil, gas and chemicals company headquartered in Vienna, Austria, sold its 25 percent stake in the Wisting oil field to Lundin Energy in a transaction that successfully closed before Christmas on 17 December 2021 (see below link to OMV’s press release). We are proud to have acted as OMV’s legal advisor on this transaction.

The purchase price is USD 320 million, equivalent to NOK 2.7 billion at today’s exchange rate, with the possible addition of a contingent payment of up to USD 20 million. Johann Pleininger, OMV Board Member Exploration & Production and Deputy Chairman of the Executive Board, states the following in relation to the sale in a press release:

- The divestment of the Wisting oil field underlines OMV’s Exploration & Production strategy: We intend to increase the share of natural gas over oil to reduce the carbon intensity of the product portfolio in the future.

OMV wishes to increase its focus on low-carbon projects going forward, shifting away from the substantial capital expenditures required for developing the Wisting project over the next years.

We congratulate the parties on the completed transaction. Our experienced energy transaction team was led by partner Anders Rødland, and included partner Rune Tjomsås Andersen and associate Rebekka Asbjørnsen.