Magnetic Oil acquires Kazakhstan assets from OMV Petrom
Dec. 29, 2020
Magnetic Oil Ltd. has agreed to acquire OMV Petrom’s 100% interest in Kom-Munai LLP (KOM) and Tasbulat Oil Corp. LLP (TOC) in Kazakhstan. KOM and TOC hold the production licenses for onshore fields Komsomolskoe, Aktas, Tasbulat, and Turkmenoi.
Magnetic Oil Ltd. has agreed to acquire OMV Petrom’s 100% interest in Kom-Munai LLP (KOM) and Tasbulat Oil Corp. LLP (TOC) in Kazakhstan. KOM and TOC hold the production licenses for onshore fields Komsomolskoe, Aktas, Tasbulat, and Turkmenoi. Total daily production of the fields was 6,450 boe/d in 2019, roughly 4% of OMV group’s production.
The fields lie in the Mangistau region of West Kazakhstan near the Caspian Sea and cover a total area of 86.52 sq km, including 75 wells, production facilities, and 200 km of pipelines.
OMV Petrom will shift the focus of its international upstream business to the Black Sea. The company entered Bulgaria in September 2019 after acquiring OMV Offshore Bulgaria GmbH from OMV Exploration & Production GmbH and won an international tender in Georgia in June (OGJ Online, Sept. 1, 2020).
Subject to conditions including approval by the Kazakh Ministry of Energy, the deal is expected to close in first-half 2021.
