Austrian oil and gas
company OMV AG (OMV.VI) said Thursday it has acquired two Tunisian exploration
and production units from U.S.-based peer Pioneer Natural Resources Co. (PXD)
for around $866 million, in step with its strategy to create growth potential
in these operations.
"The transaction will significantly strengthen OMV's position in Tunisia, an important country in the E&P
core region North Africa," the company
said in a statement. It expects significant synergies with its existing
Tunisian operations.
The purchase price has an around $65.7 million working capital component, which
will be adjusted based on the final 2010 financial statements, OMV said.
The Vienna-based company fully-acquired Pioneer Natural Resources Tunisia Ltd.
and Pioneer Natural Resources Anaguid Ltd. and expects the deal to close in the
first quarter.
Production at the units amounted to around 5,700 barrels a day on average in
the fourth quarter, of which 90% was oil, and 10% gas.
OMV will fund the deal through existing cash as well as committed credit lines.