29 December 2020 | 07:53am
StockMarketWire.com - Energy company OMV Petrom said it had sold its stakes in Kom-Munai and Tasbulat Oil Corporation in Kazakhstan to Magnetic Oil.
The two Kazakhstan-based companies hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi.
The cumulated daily production of the four fields was 6,450 boe per day in 2019, representing about 4% of the group production, the company said.
Closing of the transaction, subject to certain conditions precedent including approval by the Kazakh Ministry of Energy, was expected in the first half of 2021.
'The decision will allow us to focus on the Black Sea region and continue to build a strong position in the area, in line with our growth strategy,' the company said.