By OGJ editors
HOUSTON, Sept. 27 -- OMV AG's 51% subsidiary, Romania's Petrom SA, signed an agreement Sept. 25 to acquire a 74.9% stake in Ringoil Holding & Trading Ltd., Cyprus, for an undisclosed sum. The move makes available Russian exploration licenses that will enable Petrom to establish a core E&P base in Russia and the Caspian region, the company said.
Ringoil, a conglomerate of Russian and international companies, owns six Moscow-based Russian companies that hold eight exploration licenses in the Saratov area 1,000 km southeast of Moscow and an E&P license near Komi, about 1,200 km northeast of Moscow. The licenses are near existing transportation infrastructure, Petrom said.
The C1 reserves—proved according to Russian standards—amount to 13 million bbl, and Petrom and OMV anticipate further oil discoveries on the blocks.
Petrom said it plans to acquire 20,000 sq km of 2D and 3,000 sq km of 3D seismic data by 2011 and will complete about 40 exploration wells by 2013. It also will seek further acquisitions of production assets and will participate in Russian license rounds.
The transaction is subject to the approval of Russian antitrust authorities, which is expected in the fourth quarter.
