OMV Petrom to invest EUR 200 mln in rejuvenating Suplacu de Barcau oil field

Newsroom 29/03/2013 | 12:30

Oil and gas producer OMV Petrom is set to invest EUR 200 million in redeveloping the Suplacu oilfield through to 2015, as part of a larger EUR 400 million program that aims to increase the output from existing fields.

OMV Petrom plans to rejuvenate six to eight fields by 2015, which should unblock 70 million barrels of oil equivalent.

The daily production in Suplacu amounts to 10 percent of the total oil production of OMV Petrom in Romania. The company will drill 105 new wells and construct a new gathering park and treatment plant. The gas combustion and air compression systems will also be modernized.

Mariana Gheorghe, CEO OMV Petrom, said: “We operate very mature fields and over the last years we have been able to reduce the production decline rate to roughly 1 percent per year. At present we supply approximately 40% of the oil and gas demand in Romania. Field redevelopment projects are and will be essential to keep production stable.”

Company representatives said new technologies will allow the extraction of additional resources from mature field. Currently, the average reserves recovery rate for the 238 fields operated by OMV Petrom stands at 25 percent for oil and around 49 percent for gas.