OMVKY Omv Ag Bearer (PK)

By Carlo Martuscelli

OMV AG (OMV.VI) said Friday that it has signed an agreement with Gazprom PJSC (GAZP.RS) for the purchase of a 24.98% interest in the Achimov 4A/5A phase development in the Urengoy gas and condensate field for 905 million euros ($1.02 billion).

The acquisition will grant OMV access to the reservoir in Western Siberia, adding 600 million barrels of oil equivalent to its reserves, the company said. The Austrian oil-and-gas company said that it is expected to invest around EUR950 million in the field until 2044.

The company said that the execution of the agreement is still subject to approval by its supervisory board, as well as agreement by Gazprom to the final documents, and regulatory approvals.

The two companies also agreed to extend a previously signed deal for the supply of liquid natural gas past 2020.

Write to Carlo Martuscelli at carlo.martuscelli@dowjones.com

(END) Dow Jones Newswires

June 07, 2019 07:35 ET (11:35 GMT)

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