Billion dollar hurdle for OMV’s oil and gas exit
The proposed transaction will be the first full test of new laws protecting taxpayers from liability.
OMV owns the Maui gas field, 74% of Pohokura gas field and 69% of Maari oil field, as well as exploration assets.
Liabilities of more than $1 billion for decommissioning oil and gas fields at the end of their lives could be a sticking point in the sale of OMV’s New Zealand portfolio after the Government moved to protect taxpayers from the cost of permit holders going bust.
Austria-based multinational OMV said
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