OMV has signed a Sale and Purchase Agreement with PETRONAS International Corporation Limited (PETRONAS) on September 20, 2010 to acquire PETRONAS' oil and gas exploration and production interests in Pakistan. These include the Mubarak, Mehar and Daphro exploration licenses and the Mehar and Mubarak development and production leases.
PETRONAS International Corporation Limited is a subsidiary of Malaysia's national oil company PETRONAS. This proposed ownership change will be subject to the fulfilment of certain conditions precedent, in particular approval by the Government of Pakistan. The closing of the deal is expected to take place within the next few months. PETRONAS and OMV have decided not to disclose any further details of this acquisition.
Jaap Huijskes, OMV Executive Board member, responsible for Exploration and Production,'This corporate acquisition will expand OMV's existing asset base and is a step towards reaching a critical mass in production in Pakistan. The acquired portfolio has strong growth potential and will put OMV in a position to significantly support the company's long-term strategy goals.'
For OMV, this transaction is in line with its corporate 3plus strategy to further grow within its exploration and production core regions such as the Middle East. OMV will further invest in Pakistan to ensure its position as the biggest foreign gas producer in the country.