OMV Petrom pours EUR 30 mln into Black Sea shallow water exploration

OMV Petrom launched a new drilling campaign in the shallow waters of the Black Sea in Istria perimeter, which will cost over EUR 30 million and are expected to supplement the natural gas production of the perimeter’s mature deposits.

According to OMV Petrom officials, two new exploration wells will be drilled by the end of the year.

“We maintain our commitment to Romania and invest significant funds to ensure Romania's energy needs. Istria, located in the Black Sea’s shallow waters, has over 30 years of history in oil and gas production. Although the deposits are mature and reached the peak of production years ago, sustained investment and the use of appropriate technical solutions allow us to unlock additional resources and compensate for the decline in production,” said Peter Zeilinger, OMV Petrom's Managing Director for Upstream.

The two wells will be drilled at depths of over 2,000 meters below the seabed, in waters about 50 meters deep. They aim at supplementing production from Lebada Est (oil and associated gas), discovered in 1979.

(Photo source: the company)