New investments for redevelopment of reservoirs

Worker preparing to operate the oil rig

OMV Petrom has announced it would implement the redevelopment project for the oil deposit in Tazlau, Bacau County, North-Eastern Romania. The project involves investments amounting to EUR 30 million in the coming period. Tazlau is a mature reservoir under exploitation for over 60 years, with a daily output below 1 percent of the OMV Petrom’s total daily output in Romania. The project to redevelop the deposit consists of 20 capital repairs operations. The project will unblock supplementary oil reserves of 3.2 million barrels (about 10 percent of OMV Romania oil output) and replace the natural depleting. By the end of 2013, eleven redevelopment projects of oil deposits were in the development stage. The planned future investments for implementing these projects amount to EUR 500 million, while the confirmed reserves and probable reserves amount to 100 million barrels oil equivalent (boe).

During the latest nine years, the investments to modernise and consolidate OMV Petrom amounted to some EUR 10 billion. The direct and induced impact of OMV Petrom on Romania’s annual GDP is of about 5 percent. The largest discovery in the last 30 years in Muntenia

OMV Petrom, in partnership with Hunt Oil Company of Romania (Hunt Oil) announced they have discovered a new oil and gas deposit in the southern part of Buzau County, in the perimeter VIII Urziceni East. The Padina Nord I well has a depth of 2,500 metres. The deposit is placed 7-12 km away from mature deposits under exploitation for 50 years, the OMV Petrom release informs, adding that the recent discovery is the largest in the last 30 years in Muntenia region.

Output tests reveal that the potential production per well could reach 1,200 - 2,100 barrels of oil equivalent - bep/day. The investments carried by OMV Petrom and Hunt Oil amount to EUR 5 million. “This is the largest discovery in the last 30 years in Muntenia region,” Gabriel Selischi, member of the OMV Petrom management board said. “It is important that we go on with the exploration activity, as 90 percent of the deposits under exploitation are mature ones. Currently we supply approximately 40 percent of Romania’s oil and gas demand,” he further said.

The discovery was made within the exploration partnership concluded in 2010 by OMV Petrom and Hunt Oil for two onshore perimeters: I Adjud and VIII Urziceni Est, the operator being Hunt Oil.

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December/January 2015

June 2017