The National Agency for Mineral Resources approved OMV Petrom taking over the stake of Repsol in four onshore exploration agreements. In the second quarter of 2018, Repsol informed OMV Petrom of its intention to withdraw from these concessions and the parties reached an agreement subject to the approval from the authorities.

After the approval from NAMR, OMV Petrom is once again the sole owner and operator of the exploration perimeters Băicoi V, Târgovişte VII, Piteşti XII and Târgu Jiu XIII.

The company announced that it would continue the on-going projects and it will assume the commitments under the concession agreements. Currently, a third exploration probe is under drilling, at a depth of less than 5,000 meters, after two more deep high-pressure complex probes were drilled in association with Repsol. The investments made so far in the four perimeters amount to more than 200 million dollars and include the acquisition of 2D and 3D data, as well as the mentioned drillings.

Spain’s Repsol entered the association with OMV Petrom in 2013, with a 49% stake, based on farm-out agreements.