Austrian OMV plans to protect the right to develop the Yuzhno-Russkoye oil and gas condensate field
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The Austrian oil and gas concern OMV plans to defend the right to participate in the development of the Yuzhno-Russkoye oil and gas condensate field (OGCF), said the head of the company Alfred Stern. In December 2023, Russian President Vladimir Putin ordered the transfer of management of the oil and gas condensate field to Russian legal entities.
“We practically wrote it off through impairment. But I believe OMV may still have a point on the values. We have a good legal strategy, but I cannot comment on it publicly. One thing is clear: we will defend OMV’s rights with all our might,” Mr. Stern said in an interview with the newspaper Presse.
Production at the Yuzhno-Russkoye oil and gas condensate field was carried out by Severneftegazprom OJSC. 40% of the company’s shares belonged to Gazprom, 25% to OMV, 35% to Wintershall. On December 19, Vladimir Putin, by decree, instructed the government to create Russian legal entities to which the assets of the enterprise will be transferred.
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