OMV Petrom Sheds Non-Core Romanian Fields

Austro-Romanian producer OMV Petrom has struck a deal to transfer 40 onshore marginal oil and gas fields in southern Romania to private firm Dacian Petroleum, it said on January 8.

OMV Petrom said the deal was part of its portfolio optimisation programme, aimed at freeing capital to spend on its core, most profitable fields. The 40 fields in question produce around 1,700 boe/day of oil and gas, representing only 1% of OMV Petrom’s total output.

Dacian plans to extend the fields’ production life. According to local press reports, the company was founded a year ago by former Romanian and US oil executives.

This marks OMV Petrom’s third upstream divestment in as many years. It sold 19 fields in August 2017 followed by a further nine in March last year, all to Netherlands-based Mazarine Energy.