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OMV Petrom to transfer 19 onshore fields in Romania to Mazarine Energy

Staff Writer |
OMV Petrom and Mazarine Energy Romania have reached agreement on the transfer of 19 onshore oil fields plus three workover rigs and associated crews to Mazarine Energy Romania for an undisclosed purchase price.

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The transfer of the licenses is being done according to all rights and obligations arising from the Petroleum Law and other related regulations. The transfer is subject to approval by the relevant authorities.

Completion for the Transaction is expected in late Q4 2016, when Mazarine Energy Romania will assume operatorship of the Fields and employment of over 200 staff currently employed by OMV Petrom.

Mazarine has identified a number of production optimization and workover opportunities that will grow production. In addition, seismic acquisition campaigns are scheduled to identify undrilled structures.

The 19 fields are part of a package which has been available for transfer since 2014 as part of field portfolio optimization.

In 2015, the 19 fields had a cumulated daily production of approximately 1,000 boe/d (representing less than 1% of OMV Petrom daily production).

Capital for the Transaction will come from the $500 million equity line provided by Carlyle International Energy Partners, a $2.5 billion fund that invests in global oil and gas exploration and production, mid- and downstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia.

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