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OMV Petrom exits Kazakhstan, will focus on the Black Sea region

BLACK SEA
OIL & GAS

OMV Petrom exits Kazakhstan, will focus on the Black Sea region

Romanian group OMV Petrom said it had signed the transaction for the sale of its 100% shareholding in Kom-Munai (KOM) and Tasbulat Oil Corporation (TOC) in Kazakhstan to Magnetic Oil Limited. Source: Neftegaz

The closing of this transaction is subject to certain conditions and is expected in the 1st half of 2021.

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.

Christopher Veit, Member of the Executive Board,OMV Petrom

OMV Petrom operated 4 producing onshore Kazakh oil fields:

  • Tasbulat, Turkmenoi, Aktas and Komsomolskoye this 4 onshore fields cover a total area of 86.52 sq.km.
  • including approximately 75 wells, production facilities and 200 km of pipelines
  • All fields are located in the Mangistau region of West Kazakhstan near the Caspian Sea. In 2019, the average oil and gas production in Kazakhstan was 6.5 kboe/day.

The largest energy company in Southeastern Europe, 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 Romania´s OMV Petrom has decided to shift the focus of its international Upstream business to the Black Sea.

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