* Gazprom to get 38.5 pct in OMV's Norway holding
* OMV to get 24.98 pct of Achimov IV, V part of Urengoy
* Urengoy to add 80 kboe/d to OMV output by 2025
* Deal expected to be sealed mid-2017
(Adds CEO comments on Norway)
By Shadia Nasralla
VIENNA, Dec 14 Russian energy company Gazprom
and Austrian oil and gas group OMV reached
an outline deal on Wednesday to swap a 38.5 percent stake in
OMV's Norwegian unit for a 25 percent stake in a section of
Gazprom's Urengoy gas field.
OMV Chief Executive Rainer Seele, who took the top job at
Austria's biggest company last year, is reversing the policy of
his predecessor who achieved output growth by buying assets in
the North Sea, where production is expensive but reliable.
Seele aims to generate cash by selling off non-core assets
such as Turkey's Petrol Ofisi and to replenish the company's
weakening reserves with access to oil and gas fields in low-cost
countries such as Russia and the United Arab Emirates.
Gazprom is set to benefit from diversifying its geographic
footprint, as well as synergies in logistics and marketing and
access to technology it could use in future for Russian offshore
projects, Chief Executive Alexei Miller told reporters in
Both Miller and Seele sounded optimistic when asked about
outstanding approval from Norwegian authorities for the deal,
which will be an asset swap with no cash involved. Gazprom had
previously said Norway might bloc it from acquiring a stake
larger than 25 percent in OMV's Norwegian holding.
"In Russia they always say problems should be solved when
they occur and if they occur, presently we do not have this
problem," Miller said.
Without going into detail, Seele said dates for meetings
with Norwegian authorities would be fixed soon, adding that he
had received no indication that the swap might not go ahead.
The effective date of the deal will be Jan. 1, 2017, pending
regulatory approval, with the final deal expected to be sealed
in the middle of next year, OMV said in a statement.
OMV, which expects to invest around 0.9 billion euros ($955
million) in the field until 2039, anticipates its Urengoy output
will start in 2019 with production reaching more than 80,000
barrels of oil equivalent per day (boe/d) in 2025.
In the third quarter, OMV's output was 301,000 boe/d and
Seele has said it might stagnate at that level until 2020
without the Russian deal, for which Seele once said there was
"no plan B".
OMV, which relies on mature fields in Austria and Romania
for much of its output, would see its reserves swell by half
with an expected contribution of 560 million boe until 2039 from
the 24.98 percent stake in the Achimov IV and V sections of
($1 = 0.9414 euros)
(Reporting By Shadia Nasralla; Editing by Francois Murphy and