Nine O'Clock reported that OMV Petrom intends to sell extraction licenses for a total of 20 mature oilfields in Romania within a portfolio optimization process.

As per report, the company will sell the licenses at auction and the bidders must be registered with the Agency for Mineral Resources and not owe any money to the state.

At a recent meeting with the investors, OMV officials explained it had taken them 5 years to produce a reasoned estimate of the oil reserves in Romania.

Mr Philipp Chladek, analyst with Raiffeisen Centrobank in Vienna, said that "It explains why OMV has recently revised downwardly its production targets, and the licence selling announcement is coming exactly in this context."

In a different respect, Dutchman Jacobus Gerardus Huijskes may replace Helmut Langanger as member of the OMV Petrom Supervision Board after the latter has turned in his mandate. The proposal to replace Huijskes is subject to the approval of the General Meeting of Shareholders scheduled on August 3rd 2010.

The oil company’s shareholders will also discuss increasing the registered share capital of OMV Petrom Marketing by ROL 775.59 million, from ROL 204.7 million to ROL 980.3 million, within the spin off operation after which it is set to take over marketing operations from sole shareholder OMV Petrom.

(Sourced from www.nineoclock.ro)