OMV Petrom to invest EUR 70 mln in Black Sea drilling campaign

Ovidiu Posirca 18/09/2017 | 14:47

Austrian oil major OMV Petrom has kicked of a new drilling campaign in the Black Sea, which will require investments of EUR 70 million by mid-2018.

Three new drills will target deposits that were already identified by the company, while another one will support the discovery of new resources.

“Although the offshore deposits in the Black Sea have a production history of 30 years, they continue to account for a large share of the group’s total production. The current drilling campaign is in line with our strategy of exploiting our key portfolio as efficient as possible and to have an efficient production considering that we manage the natural decline of output,” said Peter Zeilinger, member of the OMV Petrom Directorate, responsible for Upstream.

The company’s daily output from Istria block stands at 30,000 boe, accounting for 18 percent of the group’s production in Romania.

OMV Petrom is doing joint exploration works with ExxonMobil in the Neptun Deep block. The two companies have made some discoveries of gas deposits, but the commercial production hasn’t started yet.

BR Magazine | Latest Issue

Download PDF or read online: November 2022 Issue | Business Review Magazine

The November 2022 issue of Business Review Magazine is now available in digital format, featuring the main cover story titled “Samsung Remains Top Consumer Tech Provider on Romanian Market.” Read
Ovidiu Posirca | 29/11/2022 | 10:17

    You will receive a download link for the latest issue of Business Review Magazine in PDF format, based on the completion of the form below.

    I agree with the Privacy policy of business-review.eu
    I agree with the storage and handling of my data by business-review.eu
    Advertisement Advertisement
    Close ×

    We use cookies for keeping our website reliable and secure, personalising content and ads, providing social media features and to analyse how our website is used.

    Accept & continue