Romanian oil and gas company OMV Petrom plans to award drilling contracts worth between EUR 13 million and EUR 205.5 million during an open bid to be organized on July 15, reports local Wall-street.ro. The work is expected to last for two years.

OMV Petrom is part of Austrian group OMV, which owns a 51 percent stake in the company, while the Romanian state has a 20.6 percent stake and Fondul Proprietatea holds 19 percent of the shares. The company saw its net profit decline by 19 percent in the first quarter of 2014, to RON 1.07 billion (EUR 242 million). Its sales were down by 9 percent, to RON 5.3 billion (EUR 1.19 billion).

Irina Popescu, irina.popescu@romania-insider.com