OMV has agreed to purchase 50% of Sapura Energy's upstream business for US$800 million. The two companies are now in exclusive negotiations and the deal is expected to be finalised by the end of 2018. The transaction is focused on Sapura's sizeable discovered gas resource offshore Sarawak and its potential for near-term monetisation as feedgas into the Bintulu LNG plant (MLNG). Sapura owns four PSCs on the Peninsula side – PM318, PM323, PM 329, AAKBNLP – which are late-life, producing oil fields. On the Sarawak side, SK310 was brought onstream in late-2017, with the first phase of SK408 sanctioned in Q1 2018. This deal will also enable OMV to gain access to several exploration blocks: Blocks SB331 and SB332 onshore Sabah (Malaysia); Blocks EP 483 & TP/25, WA-412-P and AC/P 61 in Australia; Blocks PEP 51906, PEP 57075, PEP 60091, PEP 60092 and PEP 60093 in New Zealand; and a 30% interest in Area 30 in Mexico.