WOOD Flash – OMV: swapping Norway for Russia
Today, OMV made its long-awaited announcement on an asset swap with Gazprom, which the company has consistently promised to the markets is going to be a major step forward in OMV’s long-term strategy, and an answer to its greatest challenges. The deal will swap a 38.5% share in OMV Norge for a 24.98% share of Areas IV and V of the Achimov formation, within the Urengoy oil, gas and condensates field in Russia. We like the deal, as it solves OMV’s reserve replacement problem, drives medium-term production, reduces average operating costs, diversifies geographic exposure and also reduces the need to make investments in exploration.Given the scale of the impact of the swap on reserves, production, costs and investment budget, we view this deal as very positive.
WOOD & Company is the leading investment bank in Emerging Europe. Founded in 1991 and head-quartered in Prague, our footprint spans the region and touches investors around the globe.
A pioneer in Emerging Europe, WOOD executed many of the first CEE equity trades and landmark investment banking transactions. Our electronic trading platform was the first in the region, and remains the best. We are continually expanding our relevance and reach in these ever-evolving markets.
Our equity market share reflects our stature: 7% in Warsaw, 20% in Bucharest, 16% in Hungary, 40% in Prague and 5% in Vienna. Our distribution is unparalleled, with the largest salesforce in the region, servicing a uniquely diverse investor base.
We couple local expertise with a truly international perspective. With offices on the ground in the region, and in key financial hubs such as London and Milano, we are never far from our clients and we remain at the forefront of what’s afoot in the CEE emerging and frontier landscape.
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