It has been known for some time that with the German-based Preussag congomerate refocusing to become the world's largest tourism group would involve selling off several non-tourism subsidiaries, including Preussag Energie.
That repositioning was concluded in June this year, with Preussag changing its name to TUI Aktiengesellschaft, so announcements regarding the sale of its non-core subsidiaries are expected soon.
It is unlikely oil majors such as ExxonMobil, TotalFinaElf or Royal Dutch Shell would be interested in the substantial assets of Preussag Energie GmbH, which is active worldwide in the exploration, production and distribution of oil and gas in some 10 countries. Preussag Energie focuses on core regions in South America, the Mediterranean-Middle East, and Central Asia, where it is involved in concessions and operatorships in Kazakhstan, Yemen, Tunisia and Venezuela.
However, "second tier" companies, such as Apache Corporation, ConocoPhillips or OMV may well be interested in this "hotchpotch" of Preussag portfolios, particularly if they are already active in such countries as Kazakhstan and Yemen. However, it will not make much sense for them to want Preussag Energie's New Zealand interests unless they are already involved in this country.
Preussag Energie New Zealand has been very active in this country's energy scene in recent years and is a major partner in the near-shore Taranaki $NZ900 million Pohokura gas-condensate project, as well as in several onshore Taranaki blocks. Such an attractive portfolio would interest a number of companies.
So it is likely that OMV may bid for the whole of the Preussag Energie group, or buy the Preussag New Zealand assets if "flicked off" by someone else. However, it is also possible Apache or Woodside Petroleum, both of which have been interested in New Zealand for some time, may also see buying Preussag Energie New Zealand as a good way to finally establish a presence here.
However, there are some natural synergies from OMV taking over Preussag, which would help OMV become the major player it wants to be in this country.
In September OMV bought a 10% stake in the offshore Maui field from Shell NZ, as well as taking its 49% interest in and operatorship of the more southern Maari oil field. Also, OMV Australian managing director Wolfgang Zimmer told EnergyReview.Net earlier this month that OMV was interested in taking a stake in and becoming operator of the marginal Kupe gas-condensate field off south Taranaki.
Zimmer has declined to comment on whether OMV is interested in Preussag.
Buying Preussag NZ would give OMV "heavyweight" status as it would then have stakes in all of this country's commercial, or likely to be developed, offshore resources.
"So, instead of the old Fletcher Challenge, Shell and Todd 'consortium', we would then have the new Shell, Todd, OMV 'cartel'," quipped one commentator.
