- OMV Petrom and Hunt Oil Company of Romania (Hunt Oil) discovered a new oil and gas field in Buzău County
- Potentially the largest discovery in the last 30 years in Muntenia region
OMV Petrom, the largest oil and gas producer in Southeastern Europe, in partnership with Hunt Oil Company of Romania (Hunt Oil), announces the discovery of a new oil and gas field in the south of Buzău County.
The field was discovered in Perimeter VIII Urziceni Est by drilling the exploration well Padina Nord 1, at a depth of over 2,500 meters. The discovery is located approx. 7 – 12 km away from mature fields, in production for more than 50 years.
Estimates from production tests indicate a potential production per well of 1,200 – 2,100 boe per day from two geological layers.
The exploration investments that led to this discovery by OMV Petrom and Hunt Oil amount to EUR 5 mn.
"It is potentially the largest discovery in the past 30 years in the Muntenia region. This year, we have made the largest exploration investments since privatization. It is important to continue exploration activities, as 90% of fields we are operating are mature ones and reached their production peak years ago. Currently, we supply about 40% of Romania’s oil and gas demand", said Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production.
In the coming period, the two companies will continue testing operations to determine the production potential of the discovery and will be acquiring seismic data in the region to build on this early success.
The discovery was made within the onshore exploration partnership closed in 2010 by OMV Petrom and Hunt Oil. The partnership targets the exploration of two onshore perimeters: I Adjud and VIII Urziceni Est, the operator being Hunt Oil.
This news release contains forward-looking statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "potential" and similar references to future periods. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.
About OMV Petrom
OMV Petrom is the largest integrated oil and gas group in Southeastern 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 neighboring countries through approximately 800 filling stations.
OMV, Austria’s largest listed industrial company, holds a 51.01 percent share in OMV Petrom. The Romanian state, via the Ministry of Economy, holds 20.64 percent of OMV Petrom shares; the Property Fund holds 18.99 percent and 9.36 percent 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 gross domestic product is around 5 percent.
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.
About Hunt Oil Company
Hunt Oil Company, a privately held exploration and production company, has successfully conducted petroleum operations for 80 years. Today, we are one of the world's leading independent energy companies, with operations in North America, South America, Europe, Australia and the Middle East. We have drilled wells on every continent except Antarctica.
OMV Petrom Investor Relations
Tel: 0040-372-088 406, Fax: 0040-372-868 518