Oil and gas companies OMV Petrom and Repsol will jointly explore deep onshore in Romania, with investments estimated at some EUR 50 million in the next two years, the companies have announced.

OMV Petrom recently signed a farm-out agreement with Repsol, by which Repsol acquired 49 percent working interest for the area deeper than 2,500 – 3,000 m of the onshore exploration blocks Băicoi V, Târgovişte VI, Piteşti XII and Târgu Jiu XIII, located south of the Southern and Eastern Carpathians in Romania. “OMV Petrom and Repsol will jointly evaluate the data obtained during the already performed seismic programs to determine exploration drilling opportunities,” according to the two companies' statement.

The exploration partnership with Repsol is the third signed by OMV Petrom, after the joint venture agreement with ExxonMobil in 2008 and Hunt Oil in 2010. OMV Group already has signed exploration and/or production partnerships with Repsol group in Libya and Bulgaria.

OMV Petrom is Romania's largest private company, with a record profit of EUR 885.5 million last year, up 5 percent on the year before, and with sales up by 16 percent, to some EUR 5.9 billion.

Repsol  is an integrated Spanish oil and gas company with operations in 28 countries.

editor@romania-insider.com

(photo source: Repsol)