The chief executive of OMV will visit Russia with Austria’s finance minister next month as the company looks to reach a deal on an asset swap with Russia’s Gazprom.
The move comes after the companies have been working for a number of months on a swap agreement under which the OMV would take a stake in the Urengoy gas field in Siberia.
Details have not yet emerged on what assets OMV might offer in return.
Last month, chief executive Rainer Seele said due diligence for the deal would take several months.
The swap is being seen as a significant way to help OMV to lower production costs.
OMV has upstream operations in regions including in the North Sea, Romania, Austria, Australia and Libya and Yemen.
It is also looking to sell its PetrolOfisi station business in Turkey and is in the process of selling a minority stake in Gas Connect Austria.