The sale, which EnergyReview.Net predicted two months ago, was announced in Europe and is for EUR 300 million, being financed by cash flow and bank loans.
The OMV swoop on Preussag Energies was anticipated by some industry commentators here, who say that Shell, Todd and OMV are now effectively the new look "cartel" of Shell, Todd and Fletcher Challenge Energy.
There were some natural synergies from OMV taking over Preussag, which will help OMV become the major player it wants to be in this country.
Buying Preussag NZ gives OMV "heavyweight" status as it would then have stakes in all of this country's commercial or likely to be developed offshore resources, said commentators in November.
Helmut Langanger, member of the OMV Management Board with responsibility for E&P, stated: "In addition to substantially increasing our production and reserves, this acquisition will also greatly strengthen our North Africa and Australia-New Zealand core regions. What makes the new assets attractive is their growth potential."
The newly acquired portfolio includes exploration sites and oilfields in Albania, Ecuador, Qatar, Tunisia, Venezuela and Yemen.
Wolfgang Ruttenstorfer, CEO of OMV commented: "We have taken a major step forward in the direction of increased growth and shareholder value. This acquisition is fully in line with our stated growth strategy."
The acquisition will give OMV 77 million boe proved and 172 million boe proved and probable oil and gas reserves.
OMV said that of particular importance were a gas/condensate field as well as exploration licenses in New Zealand as these assets, together with OMV's existing portfolio in the country, should generate substantial sustained growth.
The assets acquired in New Zealand comprise the Pohokura gas/condensate field, whose probable reserves are 44 million boe (Preussag share), as well as three additional exploration licenses.
"Pohokura optimally complements the recent acquisition of a 10% share in the Maui gas field. The two fields will position OMV to make an important contribution to meeting the country's energy needs
French firm Gaz de France recently bought the domestic energy assets of the Preussag group, after Preussag had changed its name to TUI AG and refocused on tourism.
