Romania s OMV Petrom sells production assets in Kazakhstan to Magnetic Oil OMV Petrom in Kazahstan
Source: OMV Petrom website
BUCHAREST (Romania), May 17 (SeeNews) - Romanian oil and gas group OMV Petrom [BSE:SNP] said on Monday that it has closed the sale transaction for its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited.
The transaction is part of OMV Petrom’s strategy to focus its regional expansion towards the Black Sea area in search of the most profitable barrels, the company said in a statement filed with the Bucharets Stock Exchangem BVB.
The Romanian mergers and acquisitions (M&A) market recorded 91 transactions in 2020, compared to 110, in 2019. According to Deloitte estimations, the total market value, including the transactions with undisclosed values, was of 3.7-4.3 billion euros in 2020 (compared to 4-4.4 billion euros in 2019), while transactions with disclosed value totalled 1.5 billion euros (compared to 1.7 billion euros in 2019).
“2020 saw a decrease in the number of transactions compared to the previous year, which represented a record for the period after the financial crisis, but, considering the unprecedented general context created by the COVID-19 pandemic, we can say these are good results. A quarterly analysis indicates that the second quarter was the most affected, and the following ones saw a notable revival. 2020 also brought the largest transaction of the last decade: the acquisition of assets owned by CEZ in Romania,” stated
OMV Petrom exits Kazakhstan, will focus on the Black Sea region neftegaz.ru - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from neftegaz.ru Daily Mail and Mail on Sunday newspapers.
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.