OMV Petrom will obtain the rights to conduct oil and gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea.

OMV Petrom published an announcement on Bucharest Stock Exchange stating the they have been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II.

The block will be formally awarded only if negotiation of a Production Sharing Contract is successfully finalized. If so, OMV Petrom will obtain the rights to conduct oil and gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea.

Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration activities in partnership with ExxonMobil in deep-water areas (Neptun Deep). Oil and gas production in shallow waters (Istria block) amounts to approximately 25,000 boe/day. In 2019, it accounted for around 17% of the Group’s domestic production.