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OMV and Equinor sign Memorandums of Understanding on collaboration on the Norwegian Continental Shelf

On June 25, 2019, Johann Pleininger, Executive Board member responsible for Upstream and Deputy Chairman of OMV, and Arne Sigve Nylund, Equinor’s Executive Vice President for Development & Production, Norway, signed two Memorandums of Understanding related to the Hades/Iris discovery and the Wisting development. 

The signed agreements outline the collaboration between OMV and Equinor – one Memorandum of Understanding (MoU) specifies that Equinor will assume the role as operator of Wisting in the development phase, with OMV as operator in the operating phase. As development operator, Equinor will lead the project execution and fabrication. In an integrated project organization, OMV personnel will have leading positions within subsurface work, drilling operations and activities related to the operating phase. The transfer of the operator role to Equinor is planned in Q3/2019. Upon production start-up, the operatorship will revert to OMV (Norge) AS. The transfer of the operatorship is subject for government approval.

The Hades/Iris gas and condensate discovery made by OMV is close to producing fields where Equinor is the operator. The second MoU outlines that OMV and Equinor intend to cooperate on finding the best solution for development and tie-in of Hades/Iris to existing infrastructure. OMV (Norge) AS will continue as operator.

“A close collaboration between the largest owners in these two licenses is based on the expertise we each have, and these agreements will strengthen diversity on the Norwegian shelf. Both of us will share competencies and continuity in these projects,” said Johann Pleininger, Executive Board member responsible for Upstream and Deputy Chairman of OMV.

“It is important for us to create value and maintain activity on the Norwegian continental shelf for many decades ahead, in close cooperation with other players. We are pleased to take over and pursue such a well-prepared project through this cooperation,” said Arne Sigve Nylund, Equinor’s executive vice president for Development and Production Norway.

Background information:

OMV Aktiengesellschaft
OMV produces and markets oil and gas, innovative energy and high-end petrochemical solutions – in a responsible way. With Group sales of EUR 23 bn and a workforce of more than 20,000 employees in 2018, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. In Upstream, OMV has a strong base in Romania and Austria as part of the Central and Eastern Europe core region as well as a balanced international portfolio, with Russia, North Sea, Middle East and Africa as well as Asia-Pacific as further core regions. 2018 daily production stood at approximately 427,000 boe/d. In Downstream, OMV operates three refineries with a total annual processing capacity of 17.8 mn tons and more than 2,000 filling stations in ten countries. OMV runs gas storage facilities in Austria and Germany; its subsidiary Gas Connect Austria GmbH operates a gas pipeline network in Austria. In 2018, gas sales volumes amounted to around 114 TWh. Sustainability is an integral part of the corporate strategy. OMV is set to invest EUR 500 mn in innovative energy solutions by 2025.

OMV (Norge) AS
OMV (Norge) AS was established in 2006 and is headquartered in Stavanger. OMV holds production licenses in Aasta Hansteen, Gullfaks and Gudrun, operated by Equinor, and in Edvard Grieg, which is operated by Lundin. In 2018, the daily net production from these assets was approximately 75,000 boe. OMV (Norge) AS is the current operator of the Wisting discovery in the Barents Sea and the Hades/Iris discovery in the Norwegian Sea. OMV (Norge) AS has interests in over 50 production licenses on the Norwegian continental shelf, with 14 licenses operated. OMV (Norge) AS is a wholly owned subsidiary of OMV Exploration & Production GmbH which itself is a wholly owned subsidiary of OMV Aktiengesellschaft.

Wisting

  • OMV (Norge) AS was awarded the operatorship of PL 537 in 2009. 
  • The first exploration well in 2013 proved presence of oil in the Wisting prospect. 
  • Five additional wells have been drilled in the area.
  • The recoverable volumes are estimated to 440 million barrels of oil.
  • Ownership: 35 % Equinor Energy AS, 25 % OMV (Norge) AS, 20 % Petoro AS and 20 % Idemitsu Petroleum Norge AS.

Hades/Iris

  • OMV (Norge) AS is the operator of PL 644/B/C. 
  • The license was awarded in APA 2011. 
  • The gas and condensate discoveries in the Hades/Iris prospects were made in 2018.
  • The preliminary estimates indicate a discovery size of 40 to 245 million barrels of oil equivalents.
  • Ownership: 30 % OMV (Norge) AS, 40 % Equinor Energy, 20 % DNO North Sea (Norge) AS and 10 % Spirit Energy Norway AS.