OMV Petrom Announces Discovery of New Oil Reservoir in Black Sea

Published By : 21 Jul 2014 | Published By : QYRESEARCH

Leading oil and gas producer OMV Petrom, with operations in South-Eastern Europe, has announced its discovery of a new oil reservoir. According to the company, the reservoir is located on the Romanian Black Sea’s continental shelf. The company informed that the a well with a depth of 2,150 meters below the seabed was drilled to find the oil reservoir. Sources from the company said that the potential production capacity of the oil well lies between 1,500bpd and 2,000bpd. The approximate cost of this oil well is being pegged at €19 million.

OMV Petrom discovered the oil reservoir in Istria XVIII’s shallow waters. OMV’s Marina 1 exploration was credited for indentifying this location in the offshore perimeter. The company now plans to commence production from the location over the next three years or so given that the discovery proves commercially viable. Investments to the tune of €100 million may be required for this project, the company officials said.

According to an executive board member of the company, OMV Petrom regards the Black Sea as an important exploration area given its encouraging potential for new oil reserves.

The company currently gets 18% of its hydrocarbons production from shallow waters in Romania. The company continues to carry out explorations in the Black Sea to discover more hydrocarbon resources. 
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