The Romanian government approved a three-year extension of OMV-Petrom exploration licenses, according to the official government spokesperson, Ioana Muntean. The biggest oil and gas producer in Romania gave up 30 percent of the exploration areas in a renegotiation process, according to Muntean. The licenses that are due to expire on September 12 were granted to Petrom before it was sold to OMV in 2004.
OMV, one of Austria’s largest listed industrial companies holds a 51.01 percent share in Petrom. OMV is active in 13 countries in its Refining and Marketing business segment, while in Exploration and Production it is active in two core countries, Romania and Austria. The Ministry of Economy holds 20.64 percent of Petrom shares, the Property Fund SA holds 20.11 percent, and the European Bank for Reconstruction and Development 2.03 percent and 6.21 percent is free float on the Bucharest Stock Exchange (BVB).