Romanian group OMV Petrom (SNP), the largest energy company in Southeastern Europe, has sold its operations in Kazakhstan to Magnetic Oil Limited. The closing of this transaction is subject to certain conditions, including approval by the Kazakh Ministry of Energy, and is expected in the first half of 2021, according to Romania-Insider.com.
The deal targets OMV Petrom’s subsidiaries Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC), which 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/day in 2019, representing about 4% of the group’s production.
All fields are located in the Mangistau region of West Kazakhstan, near the Caspian Sea. The four onshore fields cover a total area of 86.52 sqkm, including approximately 75 wells, production facilities, and 200 km of pipelines.