OMV to Sell 25% Stake in the Wisting Oil Field to Lundin Energy

OMV, the international integrated oil, gas and chemicals company headquartered in Vienna, Austria, has agreed to sell its 25% stake in the Wisting oil field to Lundin Energy AB, an experienced Nordic oil and gas company.

The purchase price is USD 320 mn, payable upon completion. In addition, there is a contingent payment of up to USD 20 mn depending on final project CAPEX. The contingent payment will be triggered if a reduced CAPEX number relative to the current view is manifested in the Plan for Development and Operation. The economic effective date of the transaction will be January 1, 2021. The closing of the transaction is subject to approvals.

“The divestment of the Wisting oil field underlines OMV’s Exploration & Production strategy: We intend to increase the share of natural gas over oil to reduce the carbon intensity of the product portfolio in the future,” said Johann Pleininger, OMV Board Member Exploration & Production and Deputy Chairman of the Executive Board.

OMV is focusing increasingly on low-carbon projects, shifting away from the substantial capital expenditures required for developing this project over the next years.

“The acquisition of a further stake in the high-quality Wisting development, is a perfect example of how we look to supplement our organic growth strategy with opportunistic acquisitions, fitting our ambition to sustain the Company long term. With strong project economics, Wisting will be powered from shore and will be a significant contributor to sustaining our long-term production profile. I am excited to have increased our position in Wisting, at a price which I believe is very value accretive to the business,” Nick Walker, President and CEO of Lundin Energy, mentioned.

The acquisition of an additional 25 percent working interest in the Wisting oil development solidifies Lundin Energy’s position in the Wisting area, which will become a core production area for Lundin Energy. In addition to the 35 percent stake in Wisting, Lundin Energy also holds surrounding acreage which is estimated to hold gross unrisked prospective resources of a further 500 MMbo. Wisting will be one of the largest development projects in Norway over the next few years, becoming the next Barents Sea production hub. Concept selection is anticipated shortly and the submission of the PDO is targeted by end 2022, in order to qualify for the temporary tax incentives established by the Norwegian Government in June 2020.



  • Transaction increases Lundin Energy’s working interest in the Wisting development from 10 percent to 35 percent
  • Strengthens Lundin Energy’s position in a core area with significant remaining prospectivity and meaningfully contributes to the Company’s long-term production outlook
  • Adds net 130 million barrels of oil equivalent (MMboe) fully appraised contingent resources at an acquisition price of approximately 2.5 USD/boe
  • Targeting to submit a Plan for Development and Operation (PDO) by end of 2022 to qualify for the temporary Norwegian tax incentives
  • Wisting’s development concept is in line with Lundin Energy’s decarbonisation strategy with a power from shore solution being matured
  • Addition of Wisting resources alone delivers total resource replacement ratio for the Company of approximately 190 percent in 2021

The Wisting oil field is in the Hoop area of the Barents Sea in PL 537 and 537B, approximately 310 kilometres from the mainland of Norway. Equinor Energy AS is operator for the project development phase. Six wells are drilled to date. The sixth and latest appraisal well (Wisting Central III) was drilled in 2017. Planned start of the Wisting production is 2028.

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