OMV no longer pursues share acquisition in Achimov gas field from Gazprom

By Nuran Erkul Kaya

ISTANBUL (AA) - OMV, the Austria head-quartered energy company, decided to no longer pursue negotiations with Russian energy company Gazprom on the acquisition of a 24.98% share in the Achimov phase development in the Urengoy gas and condensate field in the northern West Siberia Basin, one of the world's biggest onshore gas and condensate fields, a statement from the company said Monday.

The decision of OMV's executive board came after the EU and US applied economic sanctions on Russia in retaliation for its war on Ukraine.

After Russia's war on Ukraine, a growing number of Western energy companies decided to exit from joint ventures and sell their shares in Russian companies.

Shell, bp, Equinor and ExxonMobil have decided to leave the country, while TotalEnergies also announced that it would no longer provide capital for new projects in Russia.