Spanish Repsol gets out of the association with OMV Petrom in Romanian perimeters

Spanish oil group Repsol withdrew in October from its association with local group OMV Petrom for the exploration of four oil perimeters in Romania. “Following the agreement of the parties and given the NAMR approval obtained in October 2018, OMV Petrom took over the entire interest in all four joint operating agreements with Repsol. The ongoing projects, as well as the pending commitments according to the concession agreement will be fulfilled by OMV Petrom,” the group announced in its quarterly report. The farm-out agreements for the four blocks were concluded in 2013, OMV Petrom being the operator, with a 51% interest, while Repsol had the remaining 49% participation interest. In the 2nd quarter of 2018, Repsol notified OMV Petrom of its intention to exit the licenses and the parties reached an agreement. The investments done under the Joint Operating Agreement amount to more than USD 200 million until today, including 2D and 3D data acquisition campaigns and drilling of two deep and complex, high pressure wells. A third exploration well is currently in the drilling phase, below 5,000 m, according to OMV Petrom. editor@romania-insider.com (photo source: Pixabay.com)