By Giulia Petroni 
 

OMV AG (OMV.VI) said Monday that it will sell its stake in the Maari Field to independent oil-and-gas company Jadestone Energy Inc. (JSE.V) for $50 million.

The Austrian energy company said it has agreed to sell its 69% interest in the field, located in New Zealand's offshore Taranaki Basin, in line with its goal to reduce oil production in favor of natural gas.

"The divestment of the Maari Field further optimizes our portfolio and will shift us in New Zealand to a gas-only producer," the company said.

The company said that the agreed sale price of $50 million is subject to "closing adjustments."

The transaction is effective retroactively from Jan.1, 2019, and is subject to government approval, according to OMV.

 

Write to Giulia Petroni at giulia.petroni@wsj.com

 

(END) Dow Jones Newswires

November 18, 2019 03:19 ET (08:19 GMT)

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