Austria's OMV will not pursue further Russian natural gas investments: company

Austria's OMV is seeking to develop additional sources of natural gas supply for European and Austrian customers as it reevaluates its Russian operations, including its stake in the massive Gazprom-operated Yuzhno Russkoye gas field, due to Russian military action in Ukraine, the company said March 5.

OMV's review includes all options, "including possibilities to divest or exit" itself from its 24.99% stake in the Western Siberian gas field.

"OMV has already ended all negotiations with Gazprom about the potential purchase of a 24.98% stake in blocks 4A/5A of the Achimov-Formation in the Urengoy gas and condensate field, and the Basic Sale Agreement from October 3, 2018 has been cancelled," the company statement said.

OMV is also considering the possibility that "receivables from Nord Stream 2 may unrecoverable," the company said.

Last week, Germany halted the Nord Stream 2 project, which would have doubled the capacity of the Nord Stream pipeline which carries Russian gas into the country, as a result of Russia's invasion of Ukraine.