- A new exploration strategy put in action for future drilling success
- 3D seismic acquisition over two onshore blocks and one block in the Black Sea
- Approximately EUR 100 million per year will support the exploration activities
Petrom, the largest oil and gas producer in the South Eastern Europe, has adopted a new exploration strategy in line with the company development objectives. The most modern techniques, especially 3D (three dimensional) tools are being used at a large scale. In 2005, three programs of 3D seismic were started, out of which two onshore and one in the Black Sea. The annual budget for the exploration activities is approximately EUR 100 mn in addition to EUR 300 mn to be invested in E&P every year until 2010. „We set the objective to have a 70% reserves replacement rate in 2010; it is a challenging objective supported by ample exploration activities”, stated Werner Ladwein, member of the Managing Committee in charge of exploration and production.
At the beginning of 2005, a new exploration strategy aiming at the implementation of modern technologies, namely the introduction of 3D seismic as well as performance driven drilling operations management was adopted. Advanced tools are being used in the exploration activities leading to increased accuracy. The very detailed and precise data acquired from 3D measurements will serve as a base for the drilling of new exploration wells and also for potential future field developments.
Technical evaluations carried out by the Romanian and Austrian specialists were the basis on which Petrom selected the three 3D seismic exploration sites for this year: two onshore, Mamu and Colibasi and the Istria block in the Black Sea. More than 850 km2 will be acquired within these projects. The planning of these activities began in February, the first operations were carried out in July and the final recordings of seismic signals of the three sites will take place in December. The acquired data will be processed by special high tech software and will provide the Petrom geoscientists detailed insight into the subsurface geology, to be used for future drilling programs and potential field developments. Petrom E&P has installed 25 special new computers (workstations) for the seismic data interpretation. “We are confident that the results of these processes will develop into new and interesting drilling possibilities and we will increase the Petroms seismic operations further in 2006”, said Werner Ladwein.
The program will build upon the experience of OMV experts gathered with mature fields in the Vienna Basin. There, the group’s high production level of around 14 million boe achieved in 2003 and 2002 was maintained in 2004. This corresponds to the production level of 1980, and therefore demonstrates OMV’s production success, that the group wishes to repeat in Romania with OMV and Petrom experts.
Petrom targets until 2010 in exploration and production aim at stabilizing the daily production at 210,000 boe in Romania, the increase of the reserves replacement rate at 70% and developing business in the Caspian Region. The investments in exploration and production will go up to EUR 300 mn per year. EUR 100 mn per year will be invested in exploration activity only.
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Petrochemicals, as well as Sales and Marketing. Petrom has estimated oil and gas reserves of 1 billion boe, refining capacity of 8 million metric tons and 600 filling stations. In 2004 the sales revenue of Petrom was EUR 2,143 million, EBITDA was EUR 28 million. Since December 2004 OMV, the leading oil and gas group in Central Europe holds a 51% share in Petrom. OMV is active in Refining and Marketing, Exploration and Production, Gas as well as Chemicals in 28 countries on five continents. The Romanian state holds 40.74% of Petrom shares, the European Bank for Reconstruction and Development, 2.03% and 6.23% are owned by minority shareholders.