Romania's leading oil group OMV Petrom (SNP.RO) and Spanish peer Repsol SA (REP.MC) have reached an agreement for the joint exploration of four onshore blocks in the southern and eastern Carpathian Mountains in Romania, news agency Mediafax reports Friday.

"Petrom signs today a farm-out agreement with Repsol through which the latter acquires a 49% working interest for the area deeper than 2,500-3,000 meters of the onshore exploration blocks Baicoi V, Targoviste VI, Pitesti XII and Targu Jiu XIII, located south of the southern and eastern Carpathians," the Romanian company said in a statement.

Petrom, a unit of Austria's OMV (OMV.VI), and Repsol will jointly evaluate data obtained during previously performed seismic programs to determine drilling opportunities, the statement noted.

The two companies will invest around 50 million euros ($66.78 million) for exploration and drilling in the area.

"One of the major objectives of our strategy is to unlock the deep onshore exploration potential in Romania. The partnership with Repsol is an important step toward evaluating the hydrocarbon potential of the four blocks," said Johann Pleininger, member of OMV Petrom's executive board, responsible for Exploration and Production.

Petrom's operations at the four blocks include both exploration and production. The company has already performed an extended 3D seismic program in the area, which led to the discovery of the Totea gas field.

The exploration partnership with Repsol is the third signed by OMV Petrom, after the joint venture agreements with Exxon Mobil Corp. (XOM) in 2008 and Hunt Oil in 2010.

With activities in over 30 countries, Repsol is one of the largest refining companies worldwide, with a daily processing capacity of 998,000 barrels of oil. Daily production reaches 330,000 barrels of oil equivalent.

Petrom is majority owned by Austria's OMV, with a 51% stake. Romania's Economy Ministry and investment fund Fondul Proprietatea hold 20.63% and 20.11% in Petrom, respectively, while the remaining shares are traded on the Bucharest bourse.

On Thursday the company reported a record net profit of 3.95 billion lei ($1.2 billion), on total sales of RON26.26 billion.

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