This is the third divestment within OMV Petrom’s Upstream portfolio optimization program.

OMV Petrom published a document on the Bucharest Stock Exchange announcing that they reached an agreement for the transfer of 40 onshore oil and gas fields in Romania to Dacian Petroleum, as part of a business transfer arrangement.  The transfer of rights and obligations under the concession agreements is subject to approval by the relevant authorities

The transfer is part of the portfolio optimization program within the Upstream Division of OMV Petrom, which aims to streamline operations and focuses on the core and most profitable fields. The 40 fields to be transferred, located in Southern Romania, have a cumulated oil and gas production of approximately 1,700 boe/day, representing roughly 1% of OMV Petrom’s production.

Note that this is the third divestment within OMV Petrom’s Upstream portfolio optimization program. Previously, 28 other fields were divested: 19 fields in August 2017 and another 9 in March 2019, all to Mazarine Energy Romania.