OMV Petrom the most important power firm in South-Eastern Europe, reached an settlement for the switch of 40 onshore oil and fuel fields in Romania to Dacian Petroleum S.R.L. as a part of a enterprise switch association. The switch of rights and obligations beneath the concession agreements is topic to approval by the related authorities, pursuant to the Petroleum Law.
The switch is a part of the portfolio optimization program throughout the Upstream Division of OMV Petrom, which goals to streamline operations and focuses on the core and most worthwhile fields.
The 40 fields to be transferred, situated in Southern Romania, have a cumulated oil and fuel manufacturing of roughly 1,700 boe/day, representing roughly 1% of OMV Petrom’s manufacturing.
Dacian Petroleum S.R.L. enters into the enterprise switch association with a view to extending the life cycle of the 40 fields, that are thought-about marginal for OMV Petrom. Under the settlement, OMV Petrom can even switch wells and associated oil and fuel infrastructure, along with roughly 190 workers.
The choice course of for the corporate to take over the licenses was performed based on finest worldwide practices. The course of spanned over 30 months and a number of other working corporations from Romania and overseas participated in it.
This is the third divestment inside OMV Petrom’s Upstream portfolio optimization program. Previously, 28 different fields had been divested: 19 fields in August 2017 and one other 9 in March 2019, all to Mazarine Energy Romania S.R.L.
OMV Petrom is a Romanian built-in oil firm, managed by Austria’s OMV. It is without doubt one of the largest companies in Romania and the most important oil and fuel producer in Southeast Europe.
(Source: OMV Petrom – Image: workover rig close to Sibiu/Romania/Rne Pierre/EGN)
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