OMV has agreed to acquire a 15% stake in the Aasta Hansteen field in the Norwegian Sea from ExxonMobil.

The value of the acquisition has not been disclosed though it also comprises OMV increase its stake in the Norwegian Sea Gas Infrastructure (NSGI) project by 6.15%, raising its share to a total of 7.9%.

OMV said the Aasta Hansteen field located offshore in the Vøring Basin has three discoveries with recoverable resources of 43 million barrels of oil equivalent per day (boe/d) and was identified with additional exploration potential.

The expected recoverable net volume is estimated at 40 million to 60 million boe of gas and 0.8 – 1.0 million boe of condensate in a water depth of about 1,300m.

Production at the field is planned to start in the fourth quarter of 2016 with OMV estimating net production of about 18,000 boe/d in 2017.

OMV executive board member responsible for exploration and production Jaap Huijskes said this is the second acquisition in the Northern Norwegian Sea within a year.

"We are well on track to establish Norway as a core country in our Exploration and Production portfolio," Huijskes added.

The deal is subject to approval by the Ministry of Petroleum and Energy.

NSGI project, which is operated by Statoil since 2006, is currently in the front-end engineering and design phase and entails a 480km, 36-inch pipeline from Aasta Hansteen field to the gas processing plant at Nyhamna including the Linnorm and Zidane fields.

Other partners in the project include OMV, Centrica, ConocoPhillips, Edison, E.ON Ruhrgas, GDF SUEZ, Maersk, Petoro, RWE Dea, Shell and Total.