OMV signed an agreement with Russian gas producer Gazprom setting the price at $1 billion for the potential acquisition of a 24.98% interest in the Achimov 4A/5A phase development in the Urengoy natural gas and condensate field in Siberia.

“Within the framework of cooperation with Gazprom, OMV also extended the agreement regarding the annual delivery of 1.2 billion cubic meters (42 billion cubic feet) of LNG beyond 2020 by Gazprom,” said Rainer Seele, OMV chairman and CEO, in a conference call, according to Kallanish Energy. “This will contribute to the diversification of our sources of supply and help us safeguard security of supply in Europe,” he added.

OMV recorded a 44% increase in second-quarter operating income.