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OMV Petrom signs transfer contract of 40 crude oil and gas deposits to Dacian Petroleum SRL
OMV Petrom has signed a contract on the transfer of 40 onshore crude oil and gas deposits in Romania to Dacian Petroleum SRL, in the context of an activity transfer, according to a press release of the energy company sent to the Bucharest Stock Exchange (BVB).
The 40 deposits to be transferred are located in the south of Romania and have a combined crude oil and gas production of approximately 1,700 barrels of oil equivalent (boe)/day, representing about 1 percent of OMV Petrom's production.
The transfer of rights and obligations from the concession agreements is subject to the approval of the authorities, according to the Petroleum Law.
"The transfer is part of the optimization program of OMV Petrom's Upstream Division portfolio, which aims to streamline operations and focus on the most profitable key deposits," the company specifies.
Dacian Petroleum S.R.L. concluded the activity transfer contract with the aim of extending the life of the 40 deposits, considered marginal for OMV Petrom. Under the contract, OMV Petrom will also transfer the wells and the related crude oil and gas infrastructure, together with approximately 190 employees.
According to the cited source, the selection process of the company that will take over the licenses has been carried out in compliance with the best international practices and has been carried out for a period of 30 months, with the participation of companies from Romania and abroad.
This is the third transfer from OMV Petrom's Upstream portfolio optimization program. Previously, another 28 deposits were transferred: 19 deposits in August 2017 and 9 in March 2019, all to Mazarine Energy Romania SRL.
OMV Petrom is the largest contributor to the state budget, with contributions of 27.8 billion euros representing taxes, duties and dividends paid between 2005 and 2018. Since 2007, OMV Petrom has integrated the principles of corporate responsibility into its business strategy. In the period 2007-2018, the company allocated about 52.5 million euros for the development of the communities in Romania, focusing on environmental protection, education, health and local development.