- Tazlău field redevelopment project targets unlocking additional oil reserves of 3.2 mn barrels
OMV Petrom, the largest oil and gas producer in South-eastern Europe, announces the implementation of the redevelopment project of Tazlău oil field, located in the North-eastern part of Romania, in Bacău County. The project envisages investments of around EUR 30 mn during 2014 – 2015.
Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production: "OMV Petrom is constantly investing in new technologies and secondary recovery methods to redevelop mature fields in Romania in order to improve oil and gas recovery rates. This project will contribute to our strategic objective of stabilizing production levels in Romania while the additional reserves unlocked by this investment will strengthen OMV Petrom’s contribution to Romania’s long term security of supply".
Tazlău is a mature oil field, producing for more than 60 years, with a daily production of below 1% of the total oil production of OMV Petrom in Romania.
The purpose of the field redevelopment is to increase oil recovery in Tazlău field by produced water injection. The Tazlău redevelopment project consists of 20 workover operations, the construction of water treatment facilities and a new water distribution network. This project is expected to unlock additional oil reserves of 3.2 mn bbl (equivalent to around 10% of OMV Petrom’s annual oil production in Romania), replacing the natural decline.
At the end of 2013, 11 field redevelopment projects were in development phase. The future investments planned for the implementation of these projects amount to over EUR 500 mn and the proved and probable reserves amount to around 100 mn boe (barrels of oil equivalent).
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. The Group has a refining capacity of 4.2 mn tons/year and owns 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 neighbouring countries through approximately 800 filling stations.
OMV, Austria’s largest listed industrial company, holds a 51.01% share in OMV Petrom. The Romanian state, via the Ministry of Economy, 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 nine years investments for the consolidation and modernization of OMV Petrom amounted to EUR 10 bn. The annual direct, indirect and induced impact of OMV Petrom in Romania’s GDP is around 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.
OMV Petrom Investor Relations
Tel: 0040-372-088 406, Fax: 0040-372-868 518