Petrom invests EUR 200 mn in Exploration and Production
- Investments for exploration and production in 2005 to support modernization and oil well management
- Petrom implements extensive exploration strategy
Petrom, the largest oil and gas producer in Central and Eastern Europe, will invest further EUR 200 million in 2005 in its Exploration and Production activities. Petrom's investments will contribute to the implementation of an extensive exploration strategy based upon the modernizing technologies such as implementing state of the art 3D-seismic and oil well management. "Petrom will be able to manage its oil and gas reserves more efficiently and with increasing profitability", Petrom CEO Gheorghe Constantinescu said.
As the largest producer of oil and gas in Central and Eastern Europe Petrom has estimated oil and gas reserves of about 1 billion barrels of oil equivalent. In 2004 crude production amounted to 5.5 million tons, while the extracted gas pointed to 6.5 billion Stmc. Petrom holds the concession rights for the exploration, development and production of 300 onshore and offshore oil and gas fields. "Our aim is to stop the decline in production and settle the daily production mid term above 200,000 boe. In 2005 production will be at the same level as last year, 220,000 boe per day", Werner Ladwein, responsible for Petrom Exploration and Production said.
As part of an extensive exploration work program 2005, Petrom will undertake several hundred square kilometers of seismic exploration, as well as drill and evaluate new exploration wells. Petrom's experts, supported by international experts from OMV are working together in implementing new technologies in order to enhance exploration activities and the development of oil and gas fields. With the E&P know how from OMV at our side, Petrom can significantly improve the current operations.
To secure a long term reserve replacement Petrom entered into international activities.
Petrom intends to put a special focus on the exploring and production licence for hydrocarbons in Kazakhstan. Currently, Petrom holds six concessions in Kazakhstan, one for exploration and five for development.
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 2003 the sales revenue of the group was EUR 2,031 million, EBITDA was EUR 342 million.