Romanian oil and gas company Petrom (symbol SNP) has made a significant gas discovery in Southwestern Romania, in Oltenia area, which may be the most important onshore gas discovery in Romania in the last six years, the company has announced.

The well was drilled in Southwestern Romania, in the Oltenia region, to a depth of 3,600 m and targeted a potentially large, high pressure accumulation. Further exploration is required.

“I am happy to announce this success which might represent the most important onshore gas discovery in Romania during the last six years. The results obtained during tests confirm the reservoir’s potential as well as our expectations from the Oltenia region where we directed major investments,” said Johann Pleininger, member of the Petrom Executive Board, responsible for Exploration and Production.

In Romania and Kazakhstan, the Group exploits proved oil and gas reserves of approximately 832 mn boe (in Romania 805 boe) and has a maximum annual refining capacity of 4.5 mn tonnes.

Petrom Group is present in the distribution market for oil products through a network of approximately 800 filling stations, operated under two brands, Petrom and OMV.In Romania, this activity is performed through OMV Petrom Marketing, fully owned by Petrom. OMV Petrom Marketing operates 546 filling stations, out of which 389 are Petrom and 157 OMV.

For the Group’s sustainable development, its strategy includes business diversification by approaching the power market. In this context, Petrom is building a 860 MW gas fired power plant at Brazi and has acquired the project for the construction of a 45 MW wind park.

In 2010, the Group’s turnover was EUR 4.4 billion, while its EBIT was of EUR 709 million. OMV, one of Austria’s largest listed industrial companies holds a 51.01 percent stake in Petrom.

editor@romania-insider.com

(photo source: Courtesy of Petrom)