OMV Petrom transfers nine more onshore licenses to Dutch company

OMV Petrom, the largest energy company in South-Eastern Europe, reached an agreement for the transfer of licenses for nine onshore oil and gas fields in Romania to Mazarine Energy Romania, a fully owned subsidiary of Dutch company Mazarine Energy. The transfer is subject to approval by the relevant authorities, according to OMV Petrom. The takeover by Mazarine Energy should help extend the life cycle of these fields and maintain the production activities in the field. The agreement includes the transfer of wells and infrastructure, together with approximately 100 staff to Mazarine. The nine fields, located in the Moinesti Zemes region, in Bacau county, have a cumulated oil and gas production of approximately 1,000 barrels of oil equivalent (boe)/day. They are part of the second package of fields to be divested within OMV Petrom’s Upstream portfolio optimization program. The fields represent less than 1% of the group’s current production. The first round of portfolio optimization, which included 19 marginal fields, was finalized in August 2017 with the licenses also being transferred to Mazarine Energy. OMV Petrom is the largest integrated oil and gas group in South-Eastern Europe with an annual hydrocarbon production of about 61 million boe in 2017. Romanian oil group OMV Petrom sees lower profit in Q2 due to refinery turnaround editor@romania-insider.com