OMV Petrom reached an agreement for the transfer of 40 onshore oil and gas fields in Romania to Dacian Petroleum as part of a business transfer arrangement, Energy Industry Review reports.

The transfer of rights and obligations under the concession agreements is subject to approval by the relevant authorities, pursuant to the Petroleum Law. The agreement is part of the portfolio optimization program within the Upstream Division of OMV Petrom, which aims to streamline operations and focuses on the core and most profitable fields.

The 40 fields to be transferred are located in Southern Romania and have a cumulated oil and gas production of approximately 1,700 boe per day, representing roughly 1% of OMV Petrom’s production.

Under the agreement, OMV Petrom will also transfer wells and related oil and gas infrastructure, together with approximately 190 employees.

This is the third divestment within OMV Petrom’s Upstream portfolio optimization program. Previously, 28 other fields were divested: 19 fields in August 2017 and another 9 in March 2019, all to Mazarine Energy Romania.