OMV Petrom, the largest oil and gas producer in South-Eastern Europe and Mazarine Energy Romania S.R.L., a fully owned Romanian subsidiary of Mazarine Energy announce that parties have reached agreement on the transfer of 19 onshore oil fields plus three workover rigs and associated crews to Mazarine Energy Romania S.R.L. for an undisclosed purchase price.
Completion for the Transaction is expected in late Q4 2016 when Mazarine Energy Romania will assume operatorship of the Fields and employment of over 200 staff currently employed by OMV Petrom. The Fields are located in the Carpathian Foreland Basin and the Moesian Platform (in the Moldova and Muntenia regions).
The 19 fields are part of a package which has been available for transfer since 2014 as part of field portfolio optimization.
Capital for the transaction will come from the US$500 million equity line provided by Carlyle International Energy Partners, a US$2.5 billion fund that invests in global oil and gas exploration and production, mid- and downstream, oil field services and refining and marketing in Europe, Africa, Latin America and Asia.
Peter Zeilinger, member of the board of OMV Petrom, responsible for Upstream activities declared in a press release: “Through this transaction we open the way for a better future for these fields; Mazarine can continue investments thus the field life could be extended. Fields which are marginal for OMV Petrom could have increased potential for other operators which could improve fields’ performance. ”Edward van Kersbergen, Founder and CEO of Mazarine Energy, said: “We are pleased to have agreed this investment as we continue to execute our strategy of focusing on low-cost, low-risk onshore assets and adding value through expert reservoir management and cost-effective operations. We welcome our new staff and look forward to jointly further developing these fields.”