Romanian Government approved Midia Deepwater Block transfer
ExxonMobil Exploration and Production Romania Ltd and OMV Petrom S.A. are the titleholders for the deep water portion of the XV Midia Block. Gas Plus International B.V. retains its 15% interest.
ExxonMobil Exploration and Production Romania Limited (“ ExxonMobil”), OMV Petrom S.A. (“OMV Petrom”) and Gas Plus International B.V. ("Gas Plus") announced today that following the Romanian Government Decision no. 43 dated January 22, 2014 and published in the Official Gazette on January 28, 2014, the Transfer Agreement signed in October 2012 between ExxonMobil and OMV Petrom, and Sterling Resources Ltd. and Petro Ventures Europe B.V. for the purchase of hydrocarbon exploration and production rights to the deep water portion of the XV Midia Block (“Midia Deep”) became effective. Gas Plus opted to retain its 15% interest in both deep water and shallow water portions of the XV Midia Block.
Following completion of the Transfer Agreement, the participating interests in Midia Deep are: ExxonMobil 42.5%, OMV Petrom 42.5%, and Gas Plus 15%.
Based on terms agreed in February 2013, Romgaz has an option to purchase a 10% participating interest in Midia Deep. Romgaz’s option to enter will be triggered by an announcement of a commercial discovery on Midia Deep.
ExxonMobil will be the operator of petroleum operations in Midia Deep, which is adjacent to the Neptun Deep block, in which ExxonMobil and OMV Petrom announced a gas discovery in 2012.
Exxon Mobil Corporation
ExxonMobil, the largest publicly-traded international oil and gas company, uses technology and innovation to help meet the world’s growing energy needs. ExxonMobil holds an industry-leading inventory of resources, is the largest refiner and marketer of petroleum products and its chemical company is one of the largest in the world. ExxonMobil affiliates or predecessor companies have been operating in Romania since 1903 ExxonMobil is highly experienced in deepwater exploration.
OMV Petrom is the largest oil and gas group in South Eastern Europe, with activities in Exploration and Production, Gas and Power, and Refining and Marketing. The Group has consolidated its position on the oil market in South Eastern Europe following a far-reaching modernization and efficiency increase process, with investments of over EUR 8.8 bn in the last eight years.
As of the end of 2012 the Group had proven oil and gas reserves of approximately 775 mn boe in Romania and Kazakhstan (750 mn boe in Romania). With a maximum annual refining capacity of 4.2 mn t, OMV Petrom is present in the distribution market for oil products in Romania, the Republic of Moldova, Bulgaria and Serbia through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV. In Romania, this activity is performed through OMV Petrom Marketing, 100% owned by OMV Petrom.
To ensure sustainable development, OMV Petrom has expanded the gas value chain into power. In this context, OMV Petrom operates a 860 MW gas fired power plant at Brazi and a 45 MW wind park at Dorobantu.
In 2012 the Group’s turnover was EUR 5.891 bn, with EBIT of EUR 1.270 bn.
OMV, Austria’s largest listed industrial company, holds a 51.01% share in OMV Petrom. In Exploration and Production OMV is active in two core countries, Romania and Austria, and holds a balanced international portfolio. In Gas and Power, OMV sold approximately 437 TWh of gas in 2012. In Refining and Marketing, OMV has an annual refining capacity of 22 mn t and approximately 4,400 filling stations in 13 countries including Turkey as of the end of 2012.
The Ministry of Economy holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.
Gas Plus is the fourth largest producer of natural gas in Italy (as estimated by the Authority for Electricity and Gas) after Eni, Edison and Shell Italy E&P. It is active in the main sectors of the industry of natural gas, particularly in the exploration, production, purchase, distribution and sale to wholesale and final customers. At 31 December 2012 the Group has 50 exploitation concessions located throughout the Italian territory, wholesale markets more than 600 million cubic meter of natural gas per year, manages a total of approximately 1,500 kilometers of distribution network located in 37 municipalities, serves a total of more than 80,000 end users, with a staff of approximately 240 employees.
OMV Petrom, Ramona Zanfirescu,
+40 722 506 857
ExxonMobil, Dana Daraban,
+40 722 101 939