Romanian group OMV Petrom puts up for sale its assets in Kazakhstan

Romanian oil and gas group OMV Petrom has started the process of selling its oil and gas fields in Kazakhstan, the group’s only assets abroad, according to documents consulted by Reuters.

OMV Petrom is the operator of four onshore oil fields in production: Tasbulat, Turkmenoi, Aktas and Komsomolskoye. All are located in the Mangistau region, in western Kazakhstan, near the Caspian Sea.

OMV Petrom, which is controlled by Austrian group OMV, has hired the investment bank Jefferies to handle the sale of its assets in Kazakhstan. The deadline for submitting offers is March 27, according to sales documents consulted by Reuters, which does not provide any indication as to the value of the assets.

OMV Petrom's Kazakh asset portfolio is expected to produce approximately 8,000 barrels of oil equivalent (boe) per day in 2020 and contains recoverable reserves of approximately 57 million boe.

"The portfolio includes growth opportunities from ongoing and identified projects including, but not limited to, improved oil recovery projects," the sales documents show.

In 2018, OMV Petrom’s production in Kazakhstan amounted to 2.49 million boe, compared to 55.82 million boe in Romania, according to the group’s annual report.

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