The deal is expected to close in Q4 2012. OMV has held these assets since 1990, at which time it represented OMV's first offshore producing venture worldwide.

OMV has also executed a swap agreement with Statoil (U.K.) Limited to acquire 17.5% equity in licence P.967, including the Tobermory and Bunnehaven discoveries, operated by Total, in exchange for 30% equity in licence P.726, including the Mariner East discovery. OMV is operator of licences P.1488 and P.1854, which are contiguous with licence P.967.

Jaap Huijskes, OMV Executive Board Member responsible for Exploration and Production: 'These are the first steps in line with our strategy to concentrate our resources in the UK on the important West of Shetlands area. OMV has production in this area from the Schiehallion field, where the re-development project is under way and targeting first production in 2016. In addition we are continuing to move our important discoveries - Rosebank, Cambo and Tornado - towards development decisions.'

Tags: OMV