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OMV Petrom’s investments to boost the hydrocarbons production

24 Iul 2015

OMV Petrom has three major investment projects ongoing in Gorj County. The three projects have a cumulated value of EUR 365 million, of which EUR 310 million has already been invested. Investments in recent years have made Gorj the region with the highest gas production in OMV Petrom’s portfolio. OMV Petrom’s main objectives for the three key projects in Gorj County are securing gas supply for the Romanian market and increasing the quality standards of the gas delivered. The projects involve the drilling new wells to increase production as well as modernizing the facilities and infrastructure to increase the quality of gas deliveries to the national system. Out of the total budget of EUR 365 million for 2008-2018, EUR 310 million has already been spent hitherto and the remaining EUR 55 million is expected to be invested between 2015 and 2018.

OMV Petrom’s main priorities for Gorj County are: the Hurezani gas delivery system (the project was finalized in 2010). The Totea deep field development (five wells were drilled and associated infrastructure was built), Bustuchin FRD – increase in gas production (by drilling 21 new wells, along with the modernization of production infrastructure).

OMV Petrom wants to redevelop one of the largest deposits in Romania, having an output of 7 percent of the annual production of the company. It is the Independenta oil field in Galati County, in production since 1959. The project envisages investments of around EUR 42 million during 2012-2016. This investment unlocks additional oil reserves. The purpose of this field’s redevelopment is to increase oil production from Independenta field by drilling in previously non-developed areas. OMV Petrom started a similar project in 2013 for the Suplacu de Barcau deposit. The project includes approximately EUR 200 million investments during 2013-2015. Currently, the average rate of deposit recovery, out of the 238 deposits under operation by the company, is of about 25% for oil and 49% for gas. By the end of 2014, OMV Petrom had in its portfolio 12 projects for the development of deposits, for onshore and offshore oil and gas deposits. The recoverable reserves for the 12 projects amount to some 130 million boe.

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