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OMV’s Petrom Receives Approval for License Extension

Published: September 8, 2011; 18:23 · (Vindobona)

The subsidiary of the Austrian oil and gas company was allowed to continue exploration works in Romania. The licenses were due to expire on September 12.

OMV’s Petrom Receives Approval for License Extension / Picture: ©

The Romanian government on Wednesday announced that it has extended by three years the exploration permits held by OMV’s Romanian subsidiary Petrom on nine land blocks and one marine block in the Black Sea, with a cumulated surface of 23,000 square kilometers.

According to government spokeswoman Ioana Muntean, the total surface is 23,000 square kilometers, 30% less than agreed upon in the original privatization contract of Petrom from the year 2004. The reduction was decided upon after renegotiations, Muntean added.

“It is about geological drillings for the exploration of hydrocarbons”, she explained. Alexandru Patruti, Chairman of the national agency for mineral resources, confirmed that the extension was a result of the need for continuing exploration works.

Two months ago, the Romanian government extended by five years the exploration permit held by OMV Petrom on the Neptun block in the Black Sea.