Kuala Lumpur, January 10, 2019 – Sapura Energy Berhad (Sapura Energy) today announced the formation of a new joint venture company called SapuraOMV Upstream Sdn. Bhd, after it successfully closed a strategic partnership agreement with Austria’s OMV Exploration & Production GmbH.
OMV Exploration & Production GmbH, a wholly-owned subsidiary of OMV Aktiengesellschaft (OMG AV), now owns 50 per cent stake in Sapura Energy’s E&P arm. The JV company, headquartered in Kuala Lumpur, will have equal representation from both companies in its Board of Directors.
Sapura Energy’s E&P arm has a strong portfolio of production assets in Malaysia as well as exploration acreage in Mexico, Australia and New Zealand. The partnership has identified Malaysia as its hub to expand into Asia Pacific, and its combined strengths and expertise will pave the way for the JV to become one of Asia’s leading oil and gas independent companies.
Negotiations for the partnership began with the signing of a Heads of Agreement in September 2018. Sapura Energy shareholders recently voted overwhelmingly in favor of the partnership, one of the final steps in completing the deal.
