Norway's offshore sector boosted by wave of mergers
Strategic tie-ups are providing some badly needed lifeblood for the Norwegian offshore sector
Gazprom may have given up on its plans to get a toehold in Norway's upstream via an alliance with Austria's OMV; but the current wave of mergers and asset consolidations are beefing up investment prospects for an offshore sector eager to stem future production declines. In October, Gazprom abandoned plans to swap assets with Austria's OMV, a move under discussion for two years. The deal would have given the Russian state-backed company a 38.5% stake in OMV's Norwegian subsidiary, OMV Norge, in return for a share in its Achimov development in Russia. Instead, OMV has agreed to buy a 24.98% stake in the 4A and 5A phases at Achimov for an undisclosed cash sum. The firms say the deal's terms wil
Also in this section
24 January 2025
Domestic companies in Nigeria and other African jurisdictions are buying assets from existing majors they view as more likely to deliver production upside under their stewardship
23 January 2025
The end of transit, though widely anticipated, leaves Europe paying a third more for gas than a year ago and greatly exposed to supply shocks
23 January 2025
The country’s government and E&P companies are leaving no stone unturned in their quest to increase domestic crude output as BP–ONGC tie-up leads the way
22 January 2025
The return of Donald Trump gives further evidence of ‘big oil’ as an investable asset, with the only question being whether anyone is really surprised
