OMV Petrol launches sale of Kazakhstan assets: document

FILE PHOTO: The logo of Romanian integrated oil company OMV Petrom is pictured outside its headquarters in Bucharest, Romania, March 28, 2019. Picture taken March 28, 2019. Inquam Photos/Octav Ganea via REUTERS

LONDON (Reuters) - Romania’s OMV Petrom has launched the sale of its oil and gas fields in Kazakhstan, its only overseas assets, according to a sales document seen by Reuters.

Petrom, a subsidiary of Austrian oil and gas group OMV, hired investment bank Jefferies to run the sale of its fully-owned onshore fields in the Tasbulat Area as well as the Komsomolskoye field, located in southwest Kazakhstan.

Bids are due by March 27, according to the document, which did not give any indication of the assets’ value.

A Jefferies spokeswoman declined to comment. OMV Petrom also declined to comment.

OMV Petrom’s Kazakhstan portfolio is forecast to produce around 8,000 barrels of oil equivalent per day (boed) in 2020 and holds a recoverable resource of around 57 million boe, according to the prospectus.

“The portfolio includes growth opportunities from ongoing and identified projects including, but not limited to, improved oil recovery projects,” it said.

In 2018, OMV Petrom produced a total of 2.49 million boe in Kazakhstan, compared to 55.82 million boe in Romania, according to its annual report.

Reporting by Shadia Nasralla and Ron Bousso; additional reporting by Radu-Sorin Marinas in Bucharest and Kirsti Knolle in Vienna; editing by Barbara Lewis