Petrom has sold its 74.9% stake in Ring Oil to its minority partner Mineral and Bio Oil Fuels.
Petrom executive board member Johann Pleininger said that the company decided to divest its existing assets in Russia considering the current economic environment and through a prioritisation of investment projects.
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“As announced, 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,” Pleininger said.
Petrom’s portfolio in Russia consisted of eight exploration licences in Saratov and two in Komi, both near Moscow.
In August 2009 an exploration success was reported in well Lugovaya-1 in the Kamenski licence in the Saratov region.
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By GlobalData
