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Petrom sold exploration assets in Russia

  • Petrom sold its 74.9% stake in Ring Oil to its minority partner, MBO

Petrom, the largest oil and gas producer in Southeastern Europe, sold the 74.9% stake in Ring Oil to its minority partner Mineral and Bio Oil Fuels Limited (MBO). Seller and buyer agreed not to release sale price and terms of the transaction.

Johann Pleininger, member of Petrom Executive Board, responsible for Exploration and Production: "Within the current economic environment and following a prioritization of our investment projects, we decided to divest our existing assets in Russia. As announced, our 2015 strategy aims to unlock the E&P potential and to offset natural decline in Romania as well as to further develop our international activities in Kazakhstan. Our current domestic and international portfolios and significant investments ensure a solid base for long term oil and gas supply".

Petrom entered Russia in 2006 and its portfolio consisted of eight exploration licenses in the Saratov Region, located approximately 1,000 km southeast of Moscow and two in the area of Komi, located approximately 1,200 km northeast of Moscow. Following exploration activities performed together with MBO, in August 2009, an exploration success was reported in well Lugovaya-1, located in the Kamenski license in the Saratov Region.

OMV Petrom SA
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 823 mn boe in Romania (854 mn boe at group level), has an annual refining capacity of 8 mn t and holds around 550 filling stations in Romania. The company also has an international network of 268 filling stations located in Moldova, Bulgaria and Serbia. In 2009 the turnover of Petrom was EUR 3,029 mn, EBITDA was EUR 696 mn. OMV Aktiengesellschaft, the leading energy group in Central and South-eastern Europe holds a 51.01% share in Petrom. OMV is active in 12 Central European countries in its Refining and Marketing business segment and in 17 countries on four continents in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% is free float on Bucharest Stock Exchange.