OMV gains from pending Maari sale

Mon, 15 Jun 2020

OMV benefited by $57.4 million from its decision to sell out of the Maari oil field late last year. The US$50 million sale of its 69 percent stake in the field off the Taranaki coast was agreed in November but isn’t expected to be completed until later this year. But the decision to sell, as part of the group’s global strategy to shift away from heavier-emitting resources, saw it write $57.4 million back onto the value of the field. That saw net profit for OMV New Zealand more than double to $111.2 million in the 2019 calendar year, fr...

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