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Thursday, January 6, 2011

OMV to buy Pioneer Natural's Tunisia units for $866 mln, (OMVV), (NYSE: PXD)

OMV (OMVV.VI) has agreed to buy U.S.-based Pioneer Natural Resources' (PXD.N) Tunisian units for $866 million as the Austrian energy group bulks up North African operations that have become a core business. The deal adds immediate production capacity, significant scope for exploration and development, and opportunities to boost efficiency because the sites adjoin OMV's existing Tunisian fields, it said on Thursday. While for Pioneer, it enables the Dallas-based company to redeploy capital to some of its liquids-rich shale assets in the U.S.