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Rainer Seele News

07 Jun 2019

Austria's OMV, Russia's Gazprom Sign Pact

Austrian integrated oil and gas company OMV and Russian energy giant Gazprom have signed a Memorandum of Understanding (MoU) for cooperation on Liquefied Natural Gas (LNG).The two companies had previously agreed that Gazprom will supply 1.2 billion cubic meters of LNG to OMV in 2020.On this basis, both partners have now agreed to continue the cooperation beyond the year 2020, including the sale and purchase of conventional and small-scale LNG cargo.In addition, both companies intend to explore options for the joint development of small-scale LNG infrastructure projects.“We have been receiving reliable gas supplies from Russia for more than 50 years. Now we are extending our cooperation to LNG.

13 Nov 2018

OMV, Sapura Energy Sign Pact

Malaysia’s Sapura Energy has entered into a heads of agreement with Austria’s OMV to form a strategic partnership and acquire half of Sapura Upstream for $1.6 billion."Under the agreements, OMV Exploration and Production GmbH (OMV E&P), a wholly-owned subsidiary of OMV Aktiengesellschaft, will buy a 50 per cent stake of the enlarged issued share capital in a newly-formed joint venture company, SEB Upstream Sdn Bhd (SUP), based on an enterprise value of up to USD1.6 billion comprising an equity value of up to USD1,250 million and debt of USD350 million," said a statement from Sapura Energy Berhad.The integrated oil and gas services company based in Selangor…

07 Jun 2018

Gazprom Extends Gas Contract with Austria’s OMV

Russian gas firm Gazprom has signed a new deal to extend the existing gas supply contract with Austria’s OMV until 2040. Under the existing contract between Gazprom Export and OMV Gas Marketing & Trading, Gazprom agreed to supply gas to OMV until 2028. The document was signed in the presence of Vladimir Putin, President of the Russian Federation, and Sebastian Kurz, Federal Chancellor of Austria, as part of the celebrations marking 50 years of supplies of Russian gas to Austria. “The Agreement signed today is yet another testament to the growing need for gas imports both in Austria and Europe in general – the need that Gazprom is ready to satisfy.

20 Dec 2017

Qatargas Inks Deal to Deliver LNG to Austria's OMV

State-run Qatargas on Wednesday agreed a sale and purchase deal with Austrian oil and gas group OMV to deliver up to 1.1 million tonnes of liquefied natural gas annually for five years. From January 2019, the gas will be provided by Qatar Liquefied Gas Co, a venture between Qatar Petroleum and Shell . It will be delivered to the Gate LNG Terminal in the Netherlands on board Qatargas’ chartered LNG vessels. Facing threats to its market share in Europe from a wave of new U.S. supply and in Asia from new Australian plants, Qatar has sealed similar deals with Uniper, RWE Supply and Trading, Centrica and Petronas UK to secure access to northwest European import terminals.

29 Aug 2015

Gazprom, OMV Meet on Establishing Nord Stream JV

At a Meeting held at the Gazprom headquarters between Alexey Miller, Chairman of the Company's Management Committee and Rainer Seele, Chairman of the Executive Board of OMV, issues of the Nord Stream II project implementation, particularly, the preparations for the Shareholders' Agreement on setting up a joint venture for constructing the new gas pipeline were addressed. This was pursuant to the June 18, 2015 Memorandum of Intent signed by Gazprom, E.ON, Shell and OMV stipulating the joint construction of two strings of the Nord Stream II gas pipeline with the aggregate annual capacity of 55 billion cubic meters of gas from Russia to Germany across the Baltic Sea. OMV is a major partner of Gazprom in Austria.

25 Jun 2014

Statoil's Lund: Natural Gas is a Big Opportunity for Germany

Statoil CEO Helge Lund (Credit Statoil)

Switching from coal to gas as the power sector is a significant opportunity to cut emissions. This alternative can save more than 50% of emissions per kilowatt-hour of electricity produced. “I think it is both timely and necessary for German to develop a plan for how natural gas can contribute to fulfilling the ambitions of the Energiewende (energy transition). Increasing the use of natural gas will be beneficial both for the German economy and for the climate,” Lund said. On June 24…

20 Nov 2012

Statoil and Wintershall Sign Gas Supply Agreement

Statoil ASA (OSE: STL, NYSE: STO): Statoil and Wintershall have entered into a 10-year gas sales agreement for the delivery of a total of 45 billion cubic meters (bcm) to the German and other North-West European markets. "This strategic agreement demonstrates the continued competitiveness of Norwegian natural gas in the German energy mix. "The agreement with Statoil, a long-term and reliable energy partner with Germany for decades, is a significant milestone for Wintershall. For us this means that we can also use the volumes we produce from the North Sea in Europe in the future without having to expand our own infrastructure," says Wintershall's CEO Rainer Seele. Germany consumes about 80 bcm natural gas per year and is the second largest gas market in Europe.

22 Oct 2012

Statoil: Transaction to Realize Value and Secure Growth

Statoil ASA (OSE: STL, NYSE: STO) has signed an agreement to exit the Brage licences, farm down in Gjøa and Vega and acquire a 15 % stake in the Edvard Grieg licence near the Johan Sverdrup field in the North Sea. This transaction with the German oil and gas company Wintershall gives Statoil net proceeds of USD 1.45 billion, and begins a strategic partnership between Statoil and Wintershall. The consideration to be paid by Wintershall includes a contingent consideration of USD 100 million relating to the production on Vega. "This transaction realizes significant value for our shareholders, demonstrates the value of our NCS portfolio, and further enhances the financial flexibility of Statoil.