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6 Pages

Gazprom and OMV swap assets in Russia and Norway

Gazprom and OMV swap assets in Russia and Norway

Report summary

OMV and Gazprom have agreed to an asset swap which sees OMV gain a 25% share in two blocks in the Urengoiskoye gas and condensate field in West Siberia, and Gazprom gain a 39% share in OMV's Norwegian upstream business. The asset swap is designed to be value neutral. We value the interest in Urengoiskoye obtained by OMV higher than the stake in OMV Norge obtained by Gazprom. But there is upside to our OMV Norge valuation through exploration and appraisal around the Wisting discovery in the Barents sea. OMV is reducing its exposure to high-cost production in the North Sea, and recently sold its UK subsidiary. The deal gives Gazprom international support to develop the challenging Achimov reservoirs and diversifies its upstream portfolio through the addition of 80 mmboe of net commercial reserves with exploration upside.

What's included?

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  • Gazprom and OMV swap assets in Russia and Norway PDF - 297.95 KB 6 Pages, 6 Tables, 0 Figures


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Deal Insight report provides an in-depth analysis of this deal. You will also find information about upstream assets and the strategic rationale behind the deal.

For investors and businesses, this deal insight report provides an understanding of the effect this deal will have on the market, including oil and gas pricing and assumptions. Use it to keep up to date with deal announcements, gain expert insights and analyse potential developments that might affect your strategy.

Wood Mackenzie goes beyond company-reported data and announcements to give you an independent and informed view. Our unique valuation metrics are underpinned by our deep understanding of upstream assets and companies. We help you objectively benchmark and evaluate asset and corporate deals so you can compare deal economics around the world.

  • Executive summary
  • Transaction details
    • Background
  • Upstream assets
    • Edvard Grieg (7.7%)
    • Aasta Hansteen (5.78%)
    • Gullfaks Area (7.32%)
    • Gullfaks Sør (7.32%)
    • Exploration
    • Urengoiskoye (Blocks IV & V) (24.98%)
  • Deal analysis
  • Upsides and risks
    • Upsides to OMV Norge valuation
    • Risks to OMV Norge valuation
    • Regulatory risk
  • Strategic rationale
    • Gazprom
    • OMV
  • Oil & gas pricing and assumptions

In this report there are 6 tables or charts, including:

  • Executive summary
  • Transaction details
  • Upstream assets
    • Assets acquired by Gazprom
    • Upstream assets: Table 2
  • Deal analysis
    • Deal analysis: Table 1
    • Deal analysis: Table 2
  • Upsides and risks
  • Strategic rationale
  • Oil & gas pricing and assumptions
    • Oil & gas pricing and assumptions: Table 1
    • Oil & gas pricing and assumptions: Table 2
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