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OMV Petrom looking for Black Sea, Kazakhstan, Eastern Mediterranean expansion opportunities
OMV Petrom, the largest oil company in Romania, is looking for development opportunities in the Black Sea, Kazakhstan and in the Eastern area of the Mediterranean, on Wednesday said the company's managing Director Mariana Gheorghe, in a news conference.
"When it comes to internationalization, we mainly talk about the upstream (exploration and production, ed. n.). We have planned a 100pct replacement degree of the reserves. Romania does not offer such potential. Although resources still exist, they are not enough to guarantee us a long-term recovery degree. That is why we must diversify these upstream assets and look at three main areas," said Gheorghe, quizzed on what OMV Petrom increasing its internationalization degree means, as the OMV head Reiner Seele announced in a meeting with president Klaus Iohannis on 9 January.
The first among the interest areas for Petrom is the Black Sea.
"It is in our backyard, we have the expertise, the assets, the experience. Yet, so is Kazakhstan, too, where we have so many years of expertise and we understand maybe better than others how to operate in such environment. Moreover, in the Mediterranean Sea's Southern area, geographically speaking, it makes sense to look at closer areas. We don't have anything yet in this direction, but it is a 5-10 year strategy. We don't intend to go to America or other far-away areas, we only offer to best capitalize what we can with the assets we've got. We'll provide information as we manage to endorse acquisition or development projects," Gheorghe asserted, in the last news conference from the chair of managing director of OMV Petrom.