The transfer of rights and obligations under the concession agreements is subject to approval by the relevant authorities, pursuant to the Petroleum Law.
The transfer is part of the portfolio optimization program within the Upstream Division of OMV Petrom, which aims to streamline operations and focus on the core and most profitable fields.
The 40 fields to be transferred, located in southern Romania, have a cumulated oil and gas production of approximately 1,700 boe/day, representing roughly 1% of OMV Petrom’s production.
Dacian Petroleum SRL enters into the business transfer arrangement with a view to extending the life cycle of the 40 fields, which are considered marginal for OMV Petrom. 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 9 others in March 2019, all to Mazarine Energy Romania SRL.
OMV Petrom is majority owned by Austria’s OMV. The Romanian state owns 20.6%, Fondul Proprietatea owns 9.9%, and 18.3% of the company shares are traded on the Bucharest and London stock exchanges.