National Agency for Mineral Resources (NAMR) approved the takeover by OMV Petrom of Repsol’s interest in four onshore exploration licenses. Following NAMR’s approval, OMV Petrom becomes sole titleholder and operator of the four exploration blocks V Baicoi, VI Targoviste, XII Pitesti and XIII Targu Jiu.
The farm-out agreements for the four blocks were concluded in 2013, OMV Petrom being the operator, with a 51% interest, while Repsol had the remaining 49% participation interest.
In the 2nd quarter of 2018, Repsol notified OMV Petrom of its intention to exit the licenses and the parties reached an agreement, pending approval from the authorities. OMV Petrom SA will continue the ongoing projects and will take over the pending commitments according to the concession agreement.
The investments done under the Joint Operating Agreement amount to more than 200 million USD until today, including 2D and 3D data acquisition campaigns and drilling of two deep and complex, high pressure wells. A third exploration well is currently in the drilling phase, below 5,000 m.