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OMV Petrom, the largest energy company in Southeastern Europe, signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to MAGNETIC OIL LIMITED. KOM and TOC hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi. The cumulated daily production of the four fields was 6.45 kboe/d in 2019, representing ~4% of the group production. Closing of the transaction is subject to certain conditions precedent including approval by the Kazakh Ministry of Energy and is expected in the first half of 2021. OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business has been stable, but no further in-country expansion has been realized in the last few years and OMV Petrom has decided to shift the focus of its international Upstream business to the Black Sea.
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.
OMV Petrom, the largest energy company in Southeastern Europe, signed the transaction for the sale of its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to MAGNETIC OIL LIMITED. KOM and TOC hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi. The cumulated daily production of the four fields was 6.45 kboe/d in 2019, representing ~4% of the group production.
Closing of the transaction is subject to certain conditions precedent including approval by the Kazakh Ministry of Energy and is expected in the first half of 2021.
OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business has been stable, but no further in-country expansion has been realized in the last few years and OMV Petrom has decided to shift the focus of its international Upstream business to the Black Sea.
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