OMV Abandons Plans to Sell Exploration Business in New Zealand

OrganizationsOther ♦ Published: December 17, 2024; 23:39 ♦ (Vindobona)

Following an intensive review, the Executive Board of OMV Aktiengesellschaft has decided not to pursue the sale process for the exploration and production (E&P) business in New Zealand. OMV New Zealand Limited will, therefore, remain part of the partly state-owned energy company's E&P portfolio.

OMV has decided not to sell its subsidiary OMV New Zealand Limited. / Picture: © Wikimedia Commons / DanielZanetti / CC BY 3.0 (https://creativecommons.org/licenses/by/3.0)

The decision marks a significant change of course after OMV announced in February 2023 that it intended to sell its 100 percent stake in OMV New Zealand Limited and its 50 percent stake in SapuraOMV Upstream Sdn. Bhd. in Malaysia. These steps aimed to optimize the company's portfolio in line with the “Strategy 2030”. “After several reviews, we have concluded that OMV New Zealand…