OMV explores sale of oil, gas assets

Bloomberg

OMV AG is exploring a sale of some international oil and gas assets as the Austrian energy and chemicals company pushes ahead with a long-term goal to pull back from upstream production.
The government-backed company is working with advisers to gauge interest in the multibillion-dollar portfolio from private equity and strategic buyers.
OMV in March announced plans to transform itself from one of eastern Europe’s biggest fossil-fuel firms to an integrated green enterprise built around the chemicals, recycling and
electric-vehicle infrastructure.
It’s pledged to reduce oil and gas production by a fifth by 2030 and exit upstream production by 2050.
Any disposals would likely exclude OMV’s projects in Austria and Russia, as well as its stake in listed Romanian unit OMV Petrom SA, according to the people. This would help fund the company’s transformation and secure supplies for its chemicals and plastics businesses, they said.
OMV could sell a group of assets, or seek piecemeal deals, the people said. Deliberations are ongoing, and there’s no certainty they’ll result in any transactions.
“The portfolio is continuously reviewed to be able to plan appropriate optimization measures,” an OMV spokesperson said in an emailed statement. “OMV is assessing the feasibility of various strategic options.”