The Romanian Government cleared the transfer of the rights and obligations related to 40 oil concession agreements from OMV Petrom to Dacian Petroleum, a company founded by Ion Popa - the former general manager of Petrom until the privatization, during 1992-2003.

Dacian Petroleum will pay USD 17.8 mln to buy the 40 fields, according to Profit.ro.

Popa set up Dacian petroleum together with three former top executives of the American oil giant Weatherford.

The deal was signed between OMV Petrom and Dacian Petroleum in January 2020.

The 40 fields in Southern Romania have a cumulated oil and gas production of approximately 1,700 boe/day, representing roughly 1% of OMV Petrom’s output. The transaction includes the transfer of the wells and the oil infrastructure afferent to the respective perimeters, as well as of a number of 190 employees.

andrei@romania-insider.com

(Photo source: Aleksei Zakirov/Dreamstime.com)