Austrian OMV is considering withdrawing from the joint venture to develop the Yuzhno-Russkoye field

Austrian oil and gas company OMV still does not exclude the possibility of withdrawing from the joint venture with Russian Gazprom and Germany’s Wintershall Dea to develop the Yuzhno-Russkoye field. This was announced at a press conference organized by OMV president Alfred Stern. author TASS.

“We are also investigating how we can do this (leave the gas project), including a possible sale and exit. “The current environment presents some challenges to this process, but we remain committed to our stance on revising the share of this gas field.”

Stern did not specify what exactly made it difficult for the company to withdraw from this project.

According to the head of OMV, the company “deconsolidated its assets in Russia.” The 24.99% share is no longer reflected in the production results and cash flows of the enterprise.

OMV had previously stated that they would not invest in Russian projects, but would reconsider their share in the Yuzhno-Russkoye field and their participation in the construction of the Nord Stream 2 gas pipeline.

at the end of April reportedOMV wiped out approximately €2 billion of assets in the first three months of 2022 due to loss of revenue from Nord Stream 2 and its operations with Russia.

Source: Gazeta


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