29 Jun 2020 08:00
OMV Petrom S.A.
Investor News
June 29, 2020
OMV Petrom is the winning bidder for an oil and gas exploration block in the Black Sea, offshore Georgia
► OMV Petrom continues to expand its operations in the Black Sea region
► Exploration block covers a total area of 5,282 square km
OMV Petrom, the largest energy company in South-Eastern Europe, is pleased to confirm that it has been selected as the winner of the open international tender held by the Ministry of Economy and Sustainable Development of Georgia for the Offshore Block II.
Peter Zeilinger, member of the Executive Board, responsible for Upstream: "We continue our plans to expand our upstream activities in the Black Sea region. This is another milestone, after signing a contract to enter the Han Asparuh exploration license in offshore Bulgaria. It is a natural continuation of our more than 40 years of experience in the Romanian Black Sea waters."
The block will be formally awarded only if negotiation of a Production Sharing Contract is successfully finalized. If so, OMV Petrom will obtain the rights to conduct oil and gas exploration activities in Block II, located on the shelf and within the economic zone of the Georgian offshore Black Sea.
OMV Petrom in the Black Sea
Exploration in the Romanian continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was in 1980, and the first production in the Black Sea started in 1987. Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration activities in partnership with ExxonMobil in deep-water areas (Neptun Deep).
Oil and gas production in shallow waters (Istria block) amounts to approximately 25,000 boe/day. In 2019, it accounted for around 17% of the Group's domestic production.
About OMV Petrom
OMV Petrom is the largest energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 55.4 million boe in 2019. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 800 filling stations, at the end of March 2020, under two brands - OMV and Petrom.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.011% stake in OMV Petrom. The Romanian State, through the Ministry of Economy, Energy and Business Environment, holds 20.639% of OMV Petrom shares, Fondul Proprietatea holds 9.998%, and 18.352% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.
OMV Petrom is the largest contributor to the state budget, with contributions of 30.4 billion euro in taxes and dividends paid between 2005 and 2019.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007-2019, the company has allocated approximately 66 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.
Contact:
OMV Petrom Investor Relations
Tel: +40 372 161930, Fax: +40 372 868518
E-mail: investor.relations.petrom@petrom.com