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OMV Petrom S.A. (PETB)

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Wednesday 08 January, 2020

OMV Petrom S.A.

Transfer 40 fields

RNS Number : 1945Z
OMV Petrom S.A.
08 January 2020
 

                            

 

 

 

OMV Petrom Investor News

January 8, 2020

 

 

OMV Petrom signs agreement to transfer 40 fields to Dacian Petroleum

 

OMV Petrom S.A. (OMV Petrom), the largest energy company in South-Eastern Europe, reached an agreement for the transfer of 40 onshore oil and gas fields in Romania to Dacian Petroleum S.R.L. as part of a business transfer arrangement. The transfer of rights and obligations under the concession agreements is subject to approval by the relevant authorities, pursuant to the Petroleum Law.

The transfer is part of the portfolio optimization program within the Upstream Division of OMV Petrom, which aims to streamline operations and focuses on the core and most profitable fields.

The 40 fields to be transferred, located in Southern Romania, have a cumulated oil and gas production of approximately 1,700 boe/day, representing roughly 1% of OMV Petrom's production.

Dacian Petroleum S.R.L. enters into the business transfer arrangement with a view to extending the life cycle of the 40 fields, which are considered marginal for OMV Petrom. Under the agreement, OMV Petrom will also transfer wells and related oil and gas infrastructure, together with approximately 190 employees.

The selection process for the company to take over the licenses was conducted according to best international practices. The process spanned over 30 months and several operating companies from Romania and abroad participated in it. 

This is the third divestment within OMV Petrom's Upstream portfolio optimization program. Previously, 28 other fields were divested: 19 fields in August 2017 and another 9 in March 2019, all to Mazarine Energy Romania S.R.L.

 

About OMV Petrom

OMV Petrom is the largest energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 58.3 million boe in 2018. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 790 filling stations, at the end of September 2019, under two brands - OMV and Petrom.

OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.639% of OMV Petrom shares, Fondul Proprietatea holds 9.998%, and 18.352% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with contributions of 27.8 billion euro in taxes and dividends paid between 2005 and 2018.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2018, the company has allocated approximately 52.5 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.

Contact:

OMV Petrom Investor Relations

Tel: +40 372 161930, Fax: +40 372 868518

E-mail: [email protected] 

 

                                                                       


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