Austria's OMV to explore possibility of pulling out of JV with Gazprom on Yuzhno-Russkoye field in Yamal Nenets Autonomous District

MOSCOW. March 5 (Interfax) - The Austrian oil and gas group OMV will carry out strategic analysis of its 24.99 per cent interest in the mining joint venture with Gazprom [MOEX: GAZP] and Wintershall Dea, which develops Severneftegazprom's Yuzhno-Russkoye field, OMV stated.

"This review comprises all options including possibilities to divest or exit," the statement said.

The OMV board decided not to make any future investments in Russia." Russia is no longer considered as one of the core regions in OMV's Exploration & Production portfolio," OMV said.

Yuzhno-Russkoye field launched in 2007, reaching capacity of 25 billion cubic meters per year in 2009.

On March 1 OMV announced the board's decision not to continue talks over potential acquisition of a 24.98% interest in the Achimov 4A/5A phase development in the Urengoy gas and condensate field and to tear up the main sale and purchase contract of October 3, 2018. OMV also said it would review its participation in the Nord Stream 2 gas pipeline project.

The company paused the purchase of this asset in 2020 because of the pandemic and tough austerity measures. Nevertheless, around the same time OMV purchased an additional package of shares in the petrochemical company Borealis, which is now part of the group and its head Alfred Stern is currently the chief executive of OMV.