OMV buys British oil and gas licenses from Hess for $50 mln

FRANKFURT, March 19 Wed Mar 19, 2014 5:31am EDT

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FRANKFURT, March 19 (Reuters) - Austrian oil and gas group OMV said on Wednesday it has struck an agreement with U.S. peer Hess Corp to buy four oil and gas licenses in the West of Shetland offshore area for $50 million.

As part of the transaction, OMV will acquire 60 million barrels of oil equivalent (boe) of recoverable hydrocarbons, mainly in the field Cambo which is under appraisal, the group said, adding a contingent payment of up to $35 million was possible. (Reporting by Christoph Steitz)