OMV (formerly "Österreichische Mineralölverwaltung) announced that it would purchase a stake in an offshore exploration site from Niko Resources. OMV would acquire a 40% stake in the block located west of Madagascar. No financial details were given for the acquisition. The transaction would allow Niko Resources to retain their 35% stake in the block. The other owner, EnerMad, would hold on to its 25% stake.

OMV is an oil and gas group company based in Vienna, Austria. OMV said the purchase would enable them to balance their portfolio. The move would also allow them to expand their operations in the region of sub-Saharan Africa. OMV would become the operator of the block in Madagascar before drilling would begin. Drilling is expected to commence in the early part of 2015, OMV said.

Last month, OMV also bought several stakes in Statoil, a Norwegian oil company. It acquired a 19% stake in Gullfaks and 24% in Gudrun in a deal valued at least USD 2.65 billion.