OMV Petrom, the most important power firm in Southeastern Europe, signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to MAGNETIC OIL LIMITED. KOM and TOC maintain the manufacturing licenses for 4 onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi. The cumulated each day manufacturing of the 4 fields was 6.45 kboe/d in 2019, representing four% of the group manufacturing.
Closing of the transaction is topic to sure situations precedent together with approval by the Kazakh Ministry of Energy and is anticipated within the first half of 2021.
OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The enterprise has been secure, however no additional in-country growth has been realized in the previous few years and OMV Petrom has determined to shift the main target of its worldwide Upstream enterprise to the Black Sea.
All fields are positioned within the Mangistau area of West Kazakhstan close to the Caspian Sea. The 4 onshore fields cowl a complete space of 86.52 km², together with roughly 75 wells, manufacturing services and 200 km of pipelines.
Christopher Veit, member of the Executive Board of OMV Petrom, in cost with Upstream exercise: „The determination will permit us to deal with the Black Sea area and proceed to construct a powerful place within the space, in step with our progress technique. We have already made necessary steps for increasing our offshore presence within the Black Sea, by coming into Bulgaria on the finish of final yr and by successful a global tender in Georgia this yr.”
OMV Petrom primarily based in Bucharest, is the most important built-in power firm in South-Eastern Europe, with an annual Group hydrocarbon manufacturing of 55.four million boe in 2019. The Group has a refining capability of four.5 million tons yearly and operates an 860 MW excessive effectivity energy plant. The Group is current on the oil merchandise retail market in Romania and neighboring nations via 798 filling stations, on the finish of September 2020, underneath two manufacturers – OMV and Petrom.
(Source: OMV Petrom)

The publish OMV PETROM SELLS PRODUCTION ASSETS IN KAZAKHSTAN appeared first on Energy Global News.

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