OMV Petrom finds large-sized oil deposits in southern Romania

OMV Petrom (BVB: SNP), the largest integrated energy company in Southeast Europe, announced the discovery of new crude oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania.

“The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy,” stated Cristian Hubati, member of the OMV Petrom Executive Board, responsible for the Exploration and Production activities.

Cumulatively, the discovered deposits hold over 30 million barrels of oil equivalent (boe) of recoverable resources, equivalent to around three-quarters of OMV Petrom’s 2022 production. Based on current Brent prices, this means around EUR 2 bln – the value of the reserves.

Exploration drilling and testing of these three wells took place between June 2022 and April 2023. The company has invested around EUR 20 mln in the exploration drilling campaign.

In separate news, sources familiar with the developments told Profit.ro that OMV Petrom would announce the final investment decision related to Neptun Deep offshore block on June 21.

According to the project documentation, it is estimated that, at full capacity, the Neptun Deep perimeter will produce an average of 19 mln cubic meters of gas per day, i.e. almost 7 bln cubic meters per year. For comparison, Romania produced a total of about 9 bln cubic meters last year.

Production at Neptun Deep could begin in the latter part of 2026 or the early part of 2027.

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