RWE sells licence interest in "Edvard Grieg"
- 20% share in Norwegian development licence goes to OMV
- Important step in RWE's disposal program
RWE AG, through its subsidiary RWE Dea Norge AS, reached an agreement on the sale of its 20% licence interest in the "Edvard Grieg" development in Norway to OMV (Norge) AS, a subsidiary of OMV AG, for a cash purchase price of € 247.9 million as per effective date 1 January 2012 plus a contingent payment of up to € 35 million based on achievement of certain operational milestones. The disposal of RWE Dea's stake in "Edvard Grieg" (PL338)represents further progress to create significant financial headroom for RWE.
Dr. Leonhard Birnbaum, Board Member of RWE, commented on the transaction: "The disposal is a great success as it demonstrates RWE Dea's ability to create significant value through its activities."
Thomas Rappuhn, CEO of RWE Dea: "The disposal is an important part of RWE Dea's contribution to the group's disinvestment plans; however, we will retain our strong presence and commitment to Norway." Despite the sale of its stake in "Edvard Grieg", RWE and its subsidiaries RWE Dea and RWE Dea Norge remain committed to Norway. RWE Dea Norge holds a very attractive license portfolio with more than 40 licenses on the Norwegian continental shelf and is operator in six licenses.
The transaction is subject to approval by the Norwegian Ministry of Petroleum and Energy and Ministry of Finance. Completion of the transaction is expected in the fourth quarter of 2012.
About "Edvard Grieg"
The Edvard Grieg development (formerly Luno, Production License PL338) is part of the major new oil province Utsira High on the Norwegian Continental Shelf and contains Edvard Grieg (Luno and Tellus segments), Edvard Grieg South and Apollo. License partners in the development are Lundin (operator, 50%) and Wintershall (30%).
About OMV Aktiengesellschaft
With Group sales of EUR 34.05 bn and a workforce of 29,800 employees in 2011, OMV Aktiengesellschaft is one of Austria's largest listed industrial companies. In Exploration and Production, OMV is active in two core countries, Romania and Austria, and holds a balanced international portfolio. OMV had proven oil and gas reserves of approximately 1.13 bn boe as of year-end 2011 and a production of around 288,000 boe/d in 2011.
In Gas and Power, OMV sold approximately 272 TWh of gas in 2011. In Austria, OMV operates a 2,000 km long gas pipeline network with a marketed capacity of around 101 bcm in 2011. With a trading volume of around 39 bcm in 2011, OMV's gas trading platform, the Central European Gas Hub, is amongst the most important hubs in Continental Europe. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and, as of yearend 2011, approximately 4,500 filling stations in 13 countries including Turkey. OMV holds a 51% stake in the Romanian energy company OMV Petrom S.A., a 36% stake in Borealis AG, one of the world's leading producers of polyolefins, in total 59% of EconGas GmbH and 45% of the refining network Bayernoil. OMV further strengthened its position through the ownership of a 97% stake in Petrol Ofisi, Turkey's leading company in the oil products retail and commercial business.
RWE is one of Europe's five leading electricity and gas companies. It is active in the generation, trading, transmission and supply of electricity and gas. Some 72,000 employees supply over 17 million customers with electricity and nearly 8 million customers with gas. In fiscal 2011, RWE recorded just below €52 billion in revenue.
RWE is the No. 1 power producer in Germany, No. 2 in the Netherlands, and No. 3 in the UK. The market position in Central and South-Eastern Europe is being expanded continuously. Through RWE Dea, the Group is successfully active in the gas and oil production business in Europe, Northern Africa and the Caspian region.
RWE Supply & Trading is one of Europe's leading energy trading companies.