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OMV Petrom – sole titleholder and operator of four onshore oil exploration blocks after Repsol’s withdrawal

The National Agency for Mineral Resources (ANMR) has approved the takeover by OMV Petrom of the Repsol’s stake in four onshore exploration licenses. Following the ANMR approval, OMV Petrom becomes the sole titleholder and operator of the four exploration blocks V Baicoi, VI Targoviste, XII Pitesti and XIII Targu Jiu.

The farm-out agreements for the four blocks were concluded in 2013, OMV Petrom being the operator, with a 51% share, while Repsol had the remaining 49% share.

In Q2 2018, Repsol notified OMV Petrom of its intention to withdraw from the licenses and the parties have reached an agreement, depending on the approval of the authorities. OMV Petrom SA will continue the ongoing projects and will take over the license commitments, according to the concession agreement, hotnews.ro reports.

The investments completed so far under the joint exploitation agreement amount to more than USD 200 million, including the 2D and 3D data acquisition and the drilling of two deep and complex, high pressure wells. A third exploration well is currently in the drilling phase, with a depth of 5,000 m.

 

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