OMV Petrom – Agreement to transfer nine licenses signed with Mazarine Energy


OMV Petrom S.A. (OMV Petrom), the largest energy company in South-Eastern Europe, reached an agreement for the transfer of licenses for nine onshore oil and gas fields in Romania to Mazarine Energy Romania S.R.L., a fully owned subsidiary of Mazarine Energy B.V. (Mazarine Energy). 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. The takeover by Mazarine Energy creates the context to extend the life cycle of these fields and to maintain the production activities in the field. The agreement includes the transfer of wells and infrastructure, together with approximately 100 staff to Mazarine. The nine fields, located in the Moinesti Zemes region with a cumulated oil and gas production of approximately 1,000 boe/day, are part of the second package of fields to be divested within the portfolio optimization program for Upstream. The fields represent less than 1% of OMV Petrom’s current production. The first round of portfolio optimization, which included 19 marginal fields, was finalized in August 2017 with the licenses being transferred to Mazarine Energy.