Four new wells will be drilled within the campaign: three wells in existing fields and an exploration well, the company said in a statement.
The campaign consists in drilling two wells by the end of 2017 and another two wells by mid- 2018, with investments expected to reach approximately EUR70 million. Wells will be drilled at depths of up to 2,000 meters below the sea.
Crude oil and gas production in the shallow waters of the Black Sea (Istria perimeter) reaches nearly 30.000 barrel of oil equivalent (boe)/day, accounting for nearly 18% of the group’s production in Romania. The annual production crude oil and gas from the Black Sea is equivalent to that needed to heat 1 million households for one year or to fill up 4.4 million vehicles. The production comes from five fields under exploitation: Lebada Est (discovered in 1979), Lebada Vest (discovered in 1984), Sinoe (discovered in 1988), Pescarus (discovered in 1999) and Delta (discovered in 2007).
OMV Petrom has an annual crude oil and gas production of approximately 64 million boe in 2016. The group has a refining capacity of 4.5 million tons annually and operates a high efficiency power station of 860 MW.
OMV, one of the biggest industrial companies listed in Austria, owns 51.01% of OMV Petrom shares. The Romanian state, through the Energy Ministry, holds 20.64% of OMV Petrom shares, Fondul Proprietatea owns a 12.57% stake and 15.79% is traded on the Bucharest Stock Exchange and the London Stock Exchange.