Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romania's OMV Petrom sells Kazakhstan operations to focus on Black Sea projects

Romanian group OMV Petrom (SNP), the largest energy company in Southeastern Europe, has sold its operations in Kazakhstan to Magnetic Oil Limited. The closing of this transaction is subject to certain conditions, including approval by the Kazakh Ministry of Energy, and is expected in the first half of 2021.

The deal targets OMV Petrom's subsidiaries Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC), which hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat, and Turkmenoi. The cumulated daily production of the four fields was 6,450 boe/day in 2019, representing about 4% of the group's production.

All fields are located in the Mangistau region of West Kazakhstan, near the Caspian Sea. The four onshore fields cover a total area of 86.52 sqkm, including approximately 75 wells, production facilities, and 200 km of pipelines.

OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business has been stable, but no further in-country expansion has been realized in the last few years. The Romanian group has decided to shift the focus of its international Upstream business to the Black Sea.

"The decision will allow us to focus on the Black Sea region and continue to build a strong position in the area, in line with our growth strategy. We have already made important steps for expanding our offshore presence in the Black Sea, by entering Bulgaria at the end of last year and by winning an international tender in Georgia this year," said Christopher Veit, member of OMV Petrom's Executive Board, in charge with Upstream activity.

[email protected]

(Photo source: the company)

Normal
Profile picture for user andreich
Andrei Chirileasa
Editor-in-Chief

Andrei studied finance at the Bucharest Academy of Economic Studies and started his journalism career in 2004 with Ziarul Financiar, the leading financial newspaper in Romania, where he worked for ten years, the last six of which as editor of the capital markets section. He joined the Romania-Insider.com team in 2014 as editor and became Editor-in-Chief in 2016. He currently oversees the daily content published on Romania-Insider.com and likes to stay up to date with everything relevant in business, politics, and life in Romania. Andrei lives with his family in the countryside in Northern Romania, where he built their own house. In his free time, he studies horticulture and tends to his family’s garden. He enjoys foraging in the woods and long walks on the hills and valleys around his village. Email him for story ideas and interviews at [email protected] 

 

Romania's OMV Petrom sells Kazakhstan operations to focus on Black Sea projects

Romanian group OMV Petrom (SNP), the largest energy company in Southeastern Europe, has sold its operations in Kazakhstan to Magnetic Oil Limited. The closing of this transaction is subject to certain conditions, including approval by the Kazakh Ministry of Energy, and is expected in the first half of 2021.

The deal targets OMV Petrom's subsidiaries Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC), which hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat, and Turkmenoi. The cumulated daily production of the four fields was 6,450 boe/day in 2019, representing about 4% of the group's production.

All fields are located in the Mangistau region of West Kazakhstan, near the Caspian Sea. The four onshore fields cover a total area of 86.52 sqkm, including approximately 75 wells, production facilities, and 200 km of pipelines.

OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business has been stable, but no further in-country expansion has been realized in the last few years. The Romanian group has decided to shift the focus of its international Upstream business to the Black Sea.

"The decision will allow us to focus on the Black Sea region and continue to build a strong position in the area, in line with our growth strategy. We have already made important steps for expanding our offshore presence in the Black Sea, by entering Bulgaria at the end of last year and by winning an international tender in Georgia this year," said Christopher Veit, member of OMV Petrom's Executive Board, in charge with Upstream activity.

[email protected]

(Photo source: the company)

Normal
 

Romania Insider Free Newsletters