OMV Petrom has signed the transaction for the sale of 100% of its stake in Kom-Munai (KOM) and Tasbulat Oil Corporation (TOC) in Kazakhstan to Magnetic Oil Limited. KOM and TOC hold production licenses for four onshore fields, namely Komsomolskoe, Aktas, Tasbulat and Turkmenoi. The cumulative daily production of the four fields was of 6.45 kboe/day in 2019, representing about 4% of the group’s production. All deposits are located in the Mangistau region of western Kazakhstan, near the Caspian Sea. The four onshore fields cover a total area of 86.52 km2, including about 75 wells, production facilities and 200 km of pipelines.

The completion of the transaction is subject to the fulfillment of suspensive conditions, including approval by the Kazakh Ministry of Energy, and is expected to take place in the first half of 2021.

OMV Petrom entered the Upstream sector in Kazakhstan in 1998. The business was stable, but in the absence of expansion opportunities in recent years, OMV Petrom decided to focus its international Upstream activities in the Black Sea area.

“The decision will allow us to focus on the Black Sea region and continue to we are building a strong position in the area, in line with our growth strategy. We have already taken important steps to expand our offshore presence in the Sea Black, entering Bulgaria at the end of last year and winning an international tender in Georgia this year,”said Christopher Veit, a member of the Board of Directors responsible for Upstream.