OMV Petrom, the largest energy company in Southeastern Europe, announces the closing of the sale transaction for its 100% shareholding in Kom-Munai LLP (KOM) and Tasbulat Oil Corporation LLP (TOC) in Kazakhstan to Magnetic Oil Limited. KOM and TOC hold the production licenses for four onshore fields, respectively Komsomolskoe, Aktas, Tasbulat and Turkmenoi, the company announced.

The transaction is part of OMV Petrom’s strategy to focus its regional expansion towards the Black Sea area in search of the most profitable barrels. OMV Petrom announced the signing of the transaction on December 29, 2020 and managed to close it in record time, a notable achievement particularly in the difficult pandemic context.

The impact from the transaction on OMV Petrom’s operational indicators is limited, as Kazakhstan operations represented only a small part of OMV Petrom’s overall portfolio.

In 2020, the cumulated daily production of the four fields was 6.76 kboe/d, representing 4.7% of the Group production, while the 1P reserves of 21.8 mn boe accounted for 4.6% of Group reserves.

OMV Petrom entered the Upstream sector in Kazakhstan in 1998. All fields are located in the Mangistau region of West Kazakhstan near the Caspian Sea. The four onshore fields cover a total area of 86.52 km², including approximately 75 wells, production facilities and 200 km of pipelines.