The Austrian oil company OMV no longer invests in Russia. The company is also considering withdrawing from the Yuzhno-Russkoye oil and gas field development project.
“Today, the OMV Executive Board decided not to make any future investments in Russia. Russia is no longer seen as one of the key regions in OMV’s exploration and production portfolio,” OMV said in a statement.
In addition, a strategic review of the 24.99% stake in the Yuzhno-Russkoye oil and gas field development project will be initiated. “This includes all options, including opt-out or exit options,” says OMV.
The Yuzhno-Russkoye oil and gas field is one of the largest in Russia. The development license belongs to Severneftegazprom. Its shareholders are Gazprom (40%), Wintershall Dea GmbH (Germany) and OMV Exploration and Production GmbH.
Against the backdrop of Russia’s military operation against Ukraine, Gazprom and Rosneft lost strategic partners. British BP, the second largest shareholder of Rosneft, announced the termination of cooperation. The oldest partner of Gazprom, British Shell, following BP and Equinor, withdraws from all oil and gas projects in Russia.
Follow the consequences of Russia’s special military operation in Ukraine in the Kommersant online broadcast.