Austria’s OMV has agreed the sale of its assets in Yemen, which generated working interest output of 2,000 b/d for the firm through the first nine months of 2022. OMV had been in discussions over selling its assets in the troubled Middle Eastern state since at least the first half of last year, and upon completion will receive $21.62mn for the sale from Canadian-listed minnow Zenith Energy. The deal remains subject to regulatory approval from the Yemen and Austrian authorities.

Speaking after the transaction, Zenith CEO Andrea Cattaneo said “The acquisition of OMV Yemen represents a very significant milestone for Zenith Energy.” (CONTINUED - 984 WORDS)