OMV Petrom, the largest energy company in Southeastern Europe, announces the closing of the sale transaction for its assets in Kazakhstan, four onshore fields more precisely, which were accounting, before the divestment, for under 5% of the company’s production and reserves.

The company says that the transaction is part of its strategy to focus its regional expansion towards the Black Sea area “in search of the most profitable barrels.”

OMV Petrom announced the signing of the transaction on December 29, 2020, and managed to close it in record time.

The impact from the transaction is limited: Kazakhstan operations accounted for only 4.7% of the Group production (6.76 kboe/d) and 4.6% of Group reserves (21.8 mn boe).

Under the deal, OMV Petrom sold its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited.

KOM and TOC hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi.OMV Petrom entered the Upstream sector in Kazakhstan in 1998.

(Photo: Pixabay)

andrei@romania-insider.com