Romania’s Petrom Starts Exploring Kazakh Oil Field, In EUR180M Invest

The initial production is of around 1,000 barrels of crude oil per day and will constantly increase once putting in function some new wells. The oil field development will result in a daily production rate of 10,000 barrels of oil equivalent in 2010, Petrom stated.

According to the company’s representatives, the exploitation of the Komsomolskoe oil field will contribute to increasing the international crude oil production in the Caspian Sea Region at around 20,000 boe per day.

Petrom began the development plan for Komsomolskoe oil field after obtaining the necessary authorizations from the Energy and Mineral Resources Ministry in Kazakhstan, in November 2007.

Petrom operates the Komsomolskoe oil field through TOO Kom Munai. In March 2003, Petrom acquired 95% of the shares of TOO Kom Munai, holding the development and production rights for Komsomolskoe oil block.

The work program completed so far includes a 3D seismic project across the Komsomoskoe oil field, the construction of a road and platforms within the license area.

Petrom has started production in Kazakhstan in 1998 and currently owns exploration and production licenses for six oil blocks, respectively Tasbulat, Aktas, Turkmenoi, Komsomolskoe, Zhilankyr and South Rovnaya. Besides TOO Kom-Munai, Petrom develops its activities in Kazakhstan also through TOO Tasbulat Oil Corporation, fully owned by Petrom.

Petrom reported a 48% lower profit in the first quarter, at 506 million lei (EUR1=RON4.2284), while its revenues dropped by 32.6%, at RON3.46 billion, compared with the same period a year earlier.

Petrom is the largest corporation in Romania and the largest gas and oil producer in Southeastern Europe. In December 2004, Petrom was privatized and became a part of OMV AG (OMV.VI), which is the majority shareholder, with a 51% stake. Romania’s Economy Ministry owns another 20.64% stake in Petrom, while investment fund Fondul Proprietatea holds 20.11% of its shares.

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