Roll up, roll up: OMV puts Asia Pacific upstream assets up for sale
https://www.upstreamonline.com/finance/roll...ale/2-1-1410764Austrian energy leader OMV has put up for sale its Asia Pacific upstream assets, becoming the latest industry heavyweight to pull the plug on, or scale back, exploration and production ventures in the region.
Up for grabs are OMV’s half share in SapuraOMV Upstream — the 50:50 joint venture with Malaysia’s Sapura Energy — that holds producing gas condensate assets offshore Malaysia. The joint venture operates Block SK 310 offshore Sarawak, East Malaysia, and jointly operates nearby Block SK 408 with Shell.
SapuraOMV produced more than 30,000 barrels of oil equivalent per day in 2021 and had a stated ambition to reach a production of 100,000 boepd via organic growth and mergers and acquisitions within the next five to eight years.
The partnership also has exploration interests in Mexico, Australia and New Zealand.
OMV is also looking for a buyer for 100% of its shares in OMV New Zealand, which operates the producing Maui, Pohokura and Maari fields, while the company also has offshore exploration acreage in the country.
So much in the tank. Doesnt seem like any issue. Why though? Political?