OMV Petrom completed modernization of the Institute for Research and Technological Design (ICPT) in Câmpina
- Investments of over RON 20 mn (EUR 4.6 mn)
- Financed from own sources and European funds
OMV Petrom, the largest oil and gas producer in South-Eastern Europe, finalized the project for the modernization of the Institute for Research and Technological Design in Campina (ICPT). The project was financed both from own sources and from European funds, through the Sectorial Operational Program "Increasing Economic Competitiveness", Priority Axis 2 "Research, Technological Development and Innovation for Competitiveness", with a total budget of RON 20.38 mn including VAT (EUR 4.6 mn), out of which RON 6.85 mn – non-reimbursable grant.
"After more than 150 years of oil and gas production in Romania, one of the main challenges of the local industry is the natural decline of production caused by the maturity of fields. Using new technologies, like the ones currently available at ICPT Câmpina, we can get more accurate data regarding geological structures and we can test new solutions for the production of existing fields, so that we can increase their productivity", says Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Upstream.
Within the modernization project, a storage facility was built for storing geological cores (samples collected from wellbores) and modern analysis equipment was acquired for the institute’s laboratories.
Core analysis offers useful information for building the geological and physical model of reservoirs, such as the geological age, the porosity, permeability and saturation of rocks as well as the characteristics of the environment in which these rocks formed. Using the analysis mentioned above, one can estimate the hydrocarbon quantities in a reservoir and determine the most appropriate production techniques.
ICPT Campina stores over 150,000 boxes of core samples which will be moved in the new storage facility. The oldest probes come from wells drilled in the interwar period, when core analysis started to become common practice in the industry.
The oldest probe, from the geological point of view is over 540 million years old and it was collected in the 80’s from a depth of over 2,000 meters from a formation which corresponds to the Precambrian era. The deepest core comes from a well drilled at 7,025 meters.
ICPT performs complex laboratory analysis in 6 laboratories, covering the needs of Upstream activities, from core and fluid analysis, environmental assessments, to advanced simulations of reservoir flows in order to increase the oil recovery rate.
Currently, ICPT is part of the Upstream division, Domestic Assets Unit in OMV Petrom.
OMV, one of Austria’s largest listed industrial companies, holds a 51.01% share in OMV Petrom. The Romanian state, via the Ministry of Energy, Small and Medium Enterprises and Business environment, holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.
In the last ten years investments for the consolidation and modernization of OMV Petrom amounted to more than EUR 11 bn. The annual direct, indirect and induced impact of OMV Petrom in Romania’s GDP is around 4.5%.
Starting 2007, OMV Petrom integrated the principles of corporate responsibility within its business strategy. In this period, the company allocated more than EUR 40 mn for the development of communities in Romania, focusing on environment protection, education, health and local development. "Andrei’s School" is the main platform for community involvement.
For more details and information:
OMV Petrom Media Relations: +40 (372) 161547
Website: www.omvpetrom.com; www.petrom.ro