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

OMV Petrom S.A. (OMV Petrom), the largest oil and gas producer in South-Eastern Europe and Mazarine Energy Romania S.R.L., a fully owned Romanian subsidiary of Mazarine Energy B.V. (Mazarine Energy) announce that parties have reached agreement on the transfer of 19 onshore oil fields plus three workover rigs and associated crews (together, the “Transaction”) to Mazarine Energy Romania S.R.L. for an undisclosed purchase price. 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 US$500 million equity line provided by Carlyle International Energy Partners, a US$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. Peter Zeilinger, member of the board of OMV Petrom, responsible for Upstream activities: “Within the current crude context, we strive to increase our efficiency and deliver higher value. This includes portfolio optimization which allows us to simplify operations and focus on delivering enhanced profitability from the remaining portfolio.” Edward van Kersbergen, Founder and CEO of Mazarine Energy, said: “We are pleased to have agreed this investment as we continue to execute our strategy of focusing on low-cost, low-risk onshore assets and adding value through expert reservoir management and cost-effective operations. We welcome our new staff and look forward to jointly further developing these fields.” Marcel van Poecke, Head of Carlyle International Energy Partners, added: “Edward and the team are continuing to deliver on their strategy of growth for Mazarine Energy through investment in highquality assets, and we are excited to continue supporting the company with its expansion plans.”

Source: www.bvb.ro