Petrom sold exploration assets in Russia

The oil and gas producer, Petrom sold the 74.9 percent stake in Russian company Ring Oil to its minority partner Mineral and Bio Oil Fuels Limited (MBO).

Petrom entered Russia in 2006 and its portfolio consisted of eight exploration licenses in the Saratov Region, located approximately 1,000 km southeast of Moscow and two in the area of Komi, located approximately 1,200 km northeast of Moscow. Following exploration activities performed together with MBO, in August 2009, an exploration success was reported in well Lugovaya-1, located in the Kamenski license in the Saratov Region.

 “Within the current economic environment and following a prioritization of our investment projects, we decided to divest our existing assets in Russia. Our 2015 strategy aims to unlock the E&P potential and to offset natural decline in Romania as well as to further develop our international activities in Kazakhstan,” said Johann Pleininger, member of Petrom executive board, responsible for E&P.

According to Petrom information, both companies agreed not to release sale price and terms of the transaction.

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