NEWS
Austria 's OMV sells Qatar asset to LNG player
Vienna, Aug. 24 (LNG journal)
- Austria's OMV, the leading oil and gas group in Central Europe, said it sold its exploration and production assets in Qatar to liquefied natural gas player Marubeni Corp. of Japan for an undisclosed sum as it re-organized its portfolio.
Murabeni's energy division owns oil and gas interests in UK waters in the North Sea, US waters in the Gulf of Mexico, and also has interests in India.
The Japanese company is also involved in LNG projects in Qatar and Equatorial Guinea and in the Sakhalin I project as a shareholder in Sakhalin Oil & Gas Development Co. (Sodeco).
OMV, which also announced Wednesday that its second-quarter profit rose more than 60 percent to the equivalent of $410 million, said it sold its 7.5 percent interests in blocks 12 and 13 in Qatar .
"The partners agreed not to disclose the sales price," an OMV statement said. "Completion of the transaction is subject to approvals by the Qatar Government and the consortium partners, which are expected within the next few months. The deal will have commercial effect dating from January 1, 2005."
The Qatar assets were acquired by OMV in 2003, as part of its acquisition of the international E&P portfolio of Preussag Energie International. They comprise non-operated working interests in the producing Block 12 Al Rayyan Field and in the exploration Block 13. Both blocks are located in shallow water offshore Qatar.
