OMV signs Heads of Agreement with Sapura Energy

The parties have agreed to continue negotiations on an exclusive basis. OMV intends to acquire a 50% interest in Sapura Energy’s wholly-owned subsidiary, Sapura Upstream Sdn Bhd ('Sapura Upstream').

Sapura Upstream is a major independent oil and gas company based in Malaysia with a strong growth portfolio. The potential cooperation would allow OMV to enter into a partnership with a highly esteemed regional company.

“The intended partnership with Sapura is a major step to develop OMV’s activities in South East Asia. The oil and gas demand in this region is expected to increase strongly until 2030 and OMV is taking the opportunity to further expand the business and build up the new core region”, said Rainer Seele, CEO and Chairman of the Executive Board.

Read the article online at: https://www.oilfieldtechnology.com/drilling-and-production/12092018/omv-signs-heads-of-agreement-with-sapura-energy/