Oil producer OMV sells Maurice Energy and (Pakistan) Exploration Gesellschaft for €157m

Austrian oil producer OMV is divesting its business in Pakistan to Dragon Prime Hong Kong for a consideration of €157m.

Under the agreement, Dragon Prime Hong Kong will pay €80.6m for OMV Maurice Energy and €77.2m for OMV (Pakistan) Exploration Gesellschaft.

OMV Pakistan holds interests in five development and production leases and operates the Sawan, Miano, Latif, Gambat, and Mehar blocks, as well as an additional five exploration blocks.

OMV’s 10% stake in petrochemical joint venture (JV) PARCO is not part of the acquisition.

The acquisition will help Dragon Prime Hong Kong to strengthen its oil and gas portfolio, while OMV will optimise its upstream portfolio.

Completion of the transaction is subject to various conditions and regulatory approvals. It is expected to be completed by the end of the year.

Dragon Prime Hong Kong is a subsidiary of United Energy Group. United Energy expects to fund the acquisition through its internal financial resources.

OMV’s upstream business has a base in Romania and Austria, as well as an international portfolio, including projects in the Middle East, Africa and Russia. Its daily production was approximately 348,000 barrels of oil equivalent a day (boe/d) last year.