Romanian oil and gas group OMV Petrom [BSE:SNP] said on Monday that it has closed the sale transaction for its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited.
The transaction is part of OMV Petrom’s strategy to focus its regional expansion towards the Black Sea area in search of the most profitable barrels, the company said in a statement filed with the Bucharets Stock Exchangem BVB.
KOM and TOC hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi.
OMV Petrom announced the signing of the transaction on December 29.
The impact from the transaction on OMV Petrom’s operational indicators is limited, as Kazakhstan operations represented only a small part of OMV Petrom’s overall portfolio, the statement added. In 2020, the cumulated daily production of the four fields was 6.76 kboe/d, representing 4.7% of the group production, while the 1P reserves of 21.8 million boe accounted for 4.6% of group reserves.
OMV Petrom entered the Upstream sector in Kazakhstan in 1998. All fields are located in the Mangistau region of West Kazakhstan near the Caspian Sea. The four onshore fields cover a total area of 86.52 sq km, including approximately 75 wells, production facilities and 200 km of pipelines.
OMV Petrom is the largest integrated energy company in Southeast Europe, with an annual group hydrocarbon production of 53 million boe in 2020. The group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. It is present on the oil products retail market in Romania and neighboring countries through 790 filling stations, at the end of March, under two brands – OMV and Petrom.
Austria's OMV Aktiengesellschaft holds a 51% stake in OMV Petrom. The Romanian state, through the economy ministry holds 20.6% of OMV Petrom shares, Fondul Proprietatea holds 7%, and 21.4% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.
OMV Petrom's shares changed hands up 0.23% at 0.4380 lei as at 1605 CET on Monday.
image: OMV Petrom in Kazahstan Source: OMV Petrom website
(SeeNews, May 17, 2021)
