Gulf Oil and Gas accountACCOUNT

OMV Petrom Invests EUR 32M in New Drilling Campaign

Source: www.gulfoilandgas.com 1/18/2021, Location: Europe

OMV Petrom, the largest energy company in Southeastern Europe, initiated a new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea. The first drilling operations started at the end of December 2020 and the drilling of the second well will start at the beginning of this year. The investment for this campaign is approximately EUR 32 million.

„OMV Petrom has had an active presence in the Black Sea for over four decades and, during this period, OMV Petrom demonstrated its important role for the economic development of Romania. Using modern technical solutions, we seek to unlock additional resources that can compensate for the decline of the domestic production from mature fields. The Black Sea has a strategic importance for Romania's gas production, which currently covers almost 10% of the country's annual gas consumption", said Chris Veit, Member of the Executive Board responsible for Upstream.

The two development wells are being drilled at depths of over 2,500 meters below the seabed, in waters with a depth of around 60 meters.

This drilling campaign continues the series of investment projects for offshore production in the shallow waters of the Black Sea: over EUR 500 million were invested between 2014 and 2019, including the drilling of 16 exploration and production wells and sidetracks as well as modernization of the production facilities and gas compression system.

OMV Petrom in the Black Sea
Exploration in the Romanian continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was in 1980, and the first production in the Black Sea started in 1987. Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration operations in partnership with ExxonMobil in deepwater areas (Neptun Deep). Oil and gas production in shallow waters (Istria block) amounts to approximately 25,000 boe/day. In 2019, it accounted for around 17% of the Group’s domestic production.

Drilling News in Romania >>

Indonesia >>  2/26/2021 - Jadestone Energy Inc. (JSE) ("Jadestone"), an independent oil and gas production company focused on the Asia Pacific region, is pleased to provide its...
Ukraine >>  2/25/2021 - Enwell Energy plc, the AIM-quoted oil and gas exploration and production group, is pleased to announce the results of the SV-25 well and the spudding ...

Norway >>  2/19/2021 - The Petroleum Safety Authority Norway (PSA) has given Aker BP consent to use Maersk Invincible to drill well 2/8-IF-16 on Valhall Flanke Nord. ...
United States >>  2/19/2021 - 88 Energy Limited ("88 Energy", 88E) provides the following update related to its operations on the North Slope of Alaska. ...

Norway >>  2/18/2021 - Drilling operations on the Chrysaor-operated Jerv exploration well 15/12-25 commenced today 18th February. The well, in production licence PL973, targ...
United States >>  2/17/2021 - Mosman Oil and Gas Limited the oil exploration, development and production company, announces an update on operations in the US.

Stanley...





Romania Oil & Gas 1 >>  2 |

More News

Related Links

Gulf Oil and Gas
Copyright © 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.