- The Independența field redevelopment project unlocks additional oil reserves
OMV Petrom, the largest oil and gas producer in South-Eastern Europe, continues the investments for hydrocarbons production in Romania. In Galați County, the investments focus on the redevelopment of Independența oil field (FRD Independența Phase 1). The project envisages investments of around EUR 42 mn during 2012-2016. This investment unlocks additional oil reserves.
Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Upstream, said: "Continued investments in Upstream are essential for ensuring oil and gas production for Romania, given that we operate a portfolio of fields with an average annual natural decline rate of around 10%. However, in 2015, the investments will reflect deteriorated market conditions and volatile environment. Regarding field redevelopment projects, they will be prioritized and some of them re-engineered".
Independența is a mature oil field, in production since 1959. This is one of the most important fields in OMV Petrom’s portfolio, ensuring in 2014 around 7% of the company’s oil production in Romania.
The purpose of this field redevelopment is to increase oil production from Independența field by drilling in previously non-developed areas. The project consists of drilling 13 horizontal wells, construction and modernization of collecting and metering points and the construction of a tie-in pipeline between them. Four of the 13 wells have already been drilled.
The project entered execution phase in 2014, after a number of specific studies were performed. The investments during 2012-2014 amounted to around EUR 10 mn.
At the end of 2014, OMV Petrom had in its portfolio 12 redevelopment projects in development phase, covering gas and oil fields, both onshore and offshore. The additional recoverable reserves corresponding to the 12 projects amount to around 130 mn boe (barrels of oil equivalent).
About OMV Petrom
OMV Petrom is the largest integrated oil and gas group in South-Eastern Europe, with an annual oil and gas production of approximately 66 mn boe in 2014. The Group has a refining capacity of 4.5 mn tons / year and operates an 860 MW high efficiency power plant and a 45 MW wind park. OMV Petrom is present on the oil products retail markets in Romania and neighboring countries through approximately 780 filling stations as of end of 2014.
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.