Petrom Buys Kazakhstan Firm

5 January 2010 (Last Updated January 5th, 2010 18:30)

Romania's top oil group Petrom has bought Korned LLP, a firm that owns an exploration licence of an oil field neighbouring one of Petrom's in Kazakhstan, for an undisclosed price, the company has announced. Petrom, which is 51%-owned by Austria's OMV, entered Kazakhstan in 1998, and

Romania's top oil group Petrom has bought Korned LLP, a firm that owns an exploration licence of an oil field neighbouring one of Petrom's in Kazakhstan, for an undisclosed price, the company has announced.

Petrom, which is 51%-owned by Austria's OMV, entered Kazakhstan in 1998, and owns exploration and production licences for five oil fields.

Korned's licence includes the untapped oil field of Kultuk, which is near Petrom's Komsomolskoe field, the company said.