Key Developments: OMV AG (OMVV.VI)

OMVV.VI on Vienna Stock Exchange

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29 Aug 2014
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Latest Key Developments (Source: Significant Developments)

OMV AG makes small oil discovery in Barents Sea
Thursday, 3 Jul 2014 03:52am EDT 

OMV AG:Announces that it has made a small oil discovery in the Barents Sea.Says the well, drilled about seven kilometers northwest of the 7324/8-1 "Wisting Central" oil found, encountered an oil column of about 20 meters, estimated to hold between three and eight million cubic meters of recoverable oil.Says it holds 25 percent in the license 537, where the discovery was made.Says the other partners include Idemitsu Petroleum, Petoro and Tullow Oil with each holding 20 percent, and Statoil with 15 percent.  Full Article

Atlantic Petroleum concludes drilling on the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006 held with Statoil ExxonMobil and OMV
Friday, 27 Jun 2014 03:00am EDT 

Atlantic Petroleum P/F:Says that drilling operations on the re-entry of the 6104/21-2 Brugdan II exploration well on Faroes Licence 006, held with Statoil, ExxonMobil and OMV, have concluded.The well was drilled to 4542 meters and drilling was operationally challenging.No hydrocarbons were found in the intervals drilled and the well will be now plugged and abandoned.The well was re-entered using the West Hercules semi-submersible rig in a water depth of about 460m.Brugdan is a large four-way dip closure in the Tertiary that was previously drilled in 2006 by the 6104/21-1 well.Neither well encountered the Vaila Sandstone target.The well is operated by Statoil who holds a 35 pct interest in the licence.Atlantic Petroleum has 1 pct interest, with 49 pct held by ExxonMobil and 15 pct by OMV.  Full Article

Gazprom OAO, OMV AG sign South Stream Austria shareholder agreement-Interfax
Tuesday, 24 Jun 2014 06:23am EDT 

Gazprom OAO:Gazprom and Austrian oil and gas concern OMV AG signed the South Stream Austria GmbH shareholder agreement setting out the principles for construction of the Austrian segment of the South Stream gas pipeline-Interfax.Gazprom CEO Alexei Miller signed the agreement with his counterpart at OMV, Gerhard Roiss.Gazprom and OMV own South Stream Austria 50-50.The agreement defines their specific rights and obligations and lays out the principles for financing and distribution of earnings among the shareholders.The agreement signing was accompanied by approval of the final investment decision on construction of the Austrian segment of the pipeline under the previously agreed criteria, Gazprom said in a statement.The sides plan to secure all necessary permits for construction of South Stream before the end of 2015.The pipeline's Austrian segment is scheduled to start up at the end of 2016.The shareholder agreement follows up on the memorandum on implementation of the South Stream project in Austria, Russian presidential aide Yury Ushakov said earlier.The memorandum covered construction of the Austrian segment of the gas pipeline with capacity to ship up to 32 billion cubic meters a year to the terminus at Baumgarten.The Austrian segment of the pipeline is scheduled to attain full design capacity by Jan. 2018.  Full Article

Lundin Petroleum spuds appraisal well 16/4-8 S on the Luno II discovery, offshore Norway in license shared with OMV and Statoil
Monday, 23 Jun 2014 02:23am EDT 

Lundin Petroleum AB:Says it through its wholly owned subsidiary Lundin Norway AS (Lundin Norway) commenced drilling of appraisal well 16/4- 8 S on the Luno II discovery in license shared with OMV AG and Statoil ASA.The Luno II discovery is located approximately 15 kilometers (km) south of the Edvard Grieg field in the North Sea sector of the Norwegian Continental Shelf (NCS).The well is located in PL359 and will appraise the Luno II Central South basin, located 4km southeast of the Luno II discovery well.The main objective of well 16/4-8 S is to test the reservoir properties and verify the petroleum potential.The reservoir is expected to be of Jurassic/Triassic age.The planned total depth is about 2,700 meters below mean sea level and the well will be drilled with the semi-submersible drilling unit Bredford Dolphin.The drilling operation is expected to take approximately 50 days.Lundin Norway, the operator of PL359, holds a 40 pct interest and has announced that it will increase its interest to 65 pct interest, subject to governmental approval.Statoil Petroleum AS holds 15 pct interest and OMV Norge AS has entered into an agreement to increase its interest from 15 to 20 pct, subject to governmental approval.  Full Article

Gazprom OAO and OMV AG sign memorandum to implement South Stream in Austria
Tuesday, 29 Apr 2014 11:25am EDT 

Gazprom OAO:Says that Alexey Miller, Chairman of Gazprom Management Committee and Gerhard Roiss, Chief Executive Officer of OMV AG signed a memorandum of intent to implement the South Stream project in Austria.The memorandum reflects the parties' intentions to construct the Austrian section of the South Stream gas pipeline with the throughput capacity of up to 32 billion cubic meters a year and the end point in Baumgarten.The gas pipeline will run from the Black Sea coast in Bulgaria through Serbia and Hungary to Austria.It is planned to obtain all the required construction permits before the end of 2015.First gas supplies are scheduled for 2017.The Austrian section will reach its full capacity by Jan. 2018.In addition, the memorandum stipulates Gazprom's participation in the Central European Gas Hub as well as providing Gazprom with access to OMV gas storages in Austria.  Full Article

OMV AG proposes FY 2013 dividend
Wednesday, 19 Feb 2014 01:30am EST 

OMV AG:Proposes increased dividend of 1.25 euro per share for FY 2013 (FY 2012: 1.20 euro).  Full Article

Linde AG, Air Liquide SA, Daimler AG, OMW AG, Total SA's Total Deutschland GmbH and Royal Dutch Shell PLC's German Shell Holding Agree on Construction of Hydrogen Refuelling Network in Germany
Monday, 30 Sep 2013 07:06am EDT 

Linde AG (Linde) announced that the six partners in the 'H2 Mobility' initiative, Air Liquide SA, Daimler AG, Linde, OMV AG, Royal Dutch Shell PLC's German Shell Holding and Total SA's Total Deutschland GmbH, have set up upon a specific action plan for the construction of a nationwide hydrogen refuelling network for fuel cell-powered electric vehicles. By the year 2023 the current network of 15 filling stations in Germany's public hydrogen infrastructure shall be expanded to about 400 H2 filling stations. As a first step the deployment of 100 hydrogen stations in Germany over the next four years is intended. This would ensure a need-related supply for fuel cell-powered electric vehicles to be introduced into the market in the next years. An agreement in principle has been signed by representatives of all the partners involved. In addition to plans for a nationwide filling station network, the agreement includes the principles for the procurement and distribution of the necessary hydrogen and a request for support to the German Federal Government. Following the foundation of a joint venture (subject to necessary regulatory approvals), gradual expansion of the national filling station network will commence next year. The 'H2 Mobility' initiative expects that a total investment of around EUR 350 million will be required for this project. The launch of fuel cell-powered production vehicles on the German market has been announced by first manufacturers for 2015.  Full Article

Fitch Ratings Affirms OMV AG at A- with Stable Outlook-Reuters
Wednesday, 21 Aug 2013 04:55am EDT 

Reuters reported that Fitch Ratings has affirmed OMV AG's Long-term foreign currency Issuer Default Rating (IDR) at A- with a Stable Outlook. The rating affirmation follows OMV's announcement that it agreed to pay USD 2.65bn (EUR 2bn) plus an estimated USD 500m (EUR 375m) adjustment for 2013 to acquire several upstream oil and gas assets in the North Sea from Norway's Statoil ASA.  Full Article

Statoil ASA Sells Minority Interests in Gullfaks and Gudrun Fields to OMV AG
Monday, 19 Aug 2013 02:01am EDT 

Statoil ASA announced that it has signed an agreement to divest minority interests in the Gullfaks and Gudrun fields offshore Norway and exit the non-core, non-operated Schiehallion and Rosebank fields, West of Shetlands. In addition to the cash consideration of USD 2.65 billion, the transaction with Austrian oil and gas company OMV includes a contingent payment and involves a partnership between the two companies. Statoil reduces its ownership share in Gullfaks from 70% to 51% and from 75% to 51% in Gudrun, and retains operatorships on both fields. Statoil expects to recognize a gain from the transaction estimated between USD 1.3 billion and USD 1.5 billion, to be adjusted for activity between the effective date January 1, 2013 and the closing date. The transaction will enable Statoil to redeploy approximately USD 7 billion of capital expenditure, approximately USD 5.5 billion of which is pre-2020. OMV is an established company on both the Norwegian (NCS) and the United Kingdom (UKCS) continental shelves. Statoil and OMV enter into a partnership including potential cooperation on exploration opportunities across Norway, the United Kingdom and the Faroese Islands as well as the development of Enhanced Oil Recovery (EOR) technologies. The effective date for the transaction is January 1, 2013. Closing is expected around year end 2013. Bank of America Merrill Lynch and Lambert Energy Advisory Limited were financial advisors to Statoil on this transaction.  Full Article

NK Lukoil OAO Buys OMV AG's Lubricants Business-Interfax
Friday, 28 Jun 2013 04:46am EDT 

Interfax reported that NK Lukoil OAO (Lukoil) has purchased Austrian company OMV AG's lubricants business. The Russian oil producer will take over the lubricants business in nine European countries, a blending plant in Austria and the 'Bixxol' brand name. The sale is expected to be closed at the end of 2013 following approval by the competition authorities. Both companies have agreed not to disclose the purchase price.  Full Article

OMV pulls staff from Kurdistan, ponders Crimea - CEO in WirtschaftsBlatt

VIENNA, Aug 22 - Austrian energy group OMV has withdrawn staff from Iraqi Kurdistan, Chief Executive Gerhard Roiss told the WirtschaftsBlatt newspaper, joining an exodus of oil companies away from violence in the region.

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