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Published July 14, 2015

OMV Petrom’s investments boost gas production in Gorj County

  • Three investment projects with total value of approximately EUR 365 mn in Gorj County
  • Gorj became the county with the highest gas production in OMV Petrom’s portfolio

OMV Petrom, the largest oil and gas producer in South-Eastern Europe, presents three major investment projects in Gorj County. The three projects have a cumulated value of EUR 365 mn, of which EUR 310 mn has already been invested. Investments in recent years have made Gorj the region with the highest gas production in OMV Petrom’s portfolio.

"Following high investments which led to several discoveries over the last years, Gorj became a top gas producing region in our portfolio, currently responsible for 40% of OMV Petrom natural gas production. It is a real achievement that we managed to revive hydrocarbon operations in Gorj County through investments and new technology, despite a local history of 130 years in hydrocarbon exploitation", says Gabriel Selischi, member of OMV Petrom’s Executive Board responsible for Upstream.

OMV Petrom’s main objectives on the three key projects in Gorj County are securing gas supply for the Romanian market and increasing the quality standards of the gas delivered. The projects involve drilling new wells to increase production as well as modernizing facilities and infrastructure to increase the quality of gas deliveries to the national system.

Out of the total budget of EUR 365 mn for 2008-2018, EUR 310 mn has already been spent up to date and the remaining EUR 55 mn is expected to be invested between 2015 and 2018.

Projects overview in Gorj County:

  • Hurezani gas delivery system: The project was finalized in 2010. The development of Hurezani gas delivery system was critical to facilitate gas delivery into the national transportation system.
  • Totea deep field development: The Totea deep field was identified in 2011 and is one of the most important onshore gas discoveries in Romania over the last years. Five wells were drilled and associated infrastructure was built.
  • Bustuchin FRD. This project is expected to lead to an increase in gas production in the area by drilling 21 new wells (six have already been drilled), along with the modernization of production infrastructure.

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.

For more details and information:
OMV Petrom Media Relations: +40 (372) 161547, press.office@omvpetrom.com
Website: www.omvpetrom.com; www.petrom.ro