Global energy demand is on the rise. Modern living standards mean everyday access to clean water, lighting, heating, transport and communication. Everyday modern life relies on energy.
Our exploration activities, both onshore and offshore aim to identify new energy resources to cover future demand.
We are currently engaged in exploration activities in Romania and Bulgaria. OMV Petrom is titleholder for ten exploration licenses in Romania, covering over 26,000 square kilometers; these include two offshore licenses. Additionally, OMV Petrom is partner in the Han-Asparuh offshore exploration block in the deep waters of Black Sea in Bulgaria, with an area of 13,819 km².
Exploration aims to identify geological formations far below the earth's surface where oil and gas may have accumulated millions of years ago. Exploration activities include:
- 2D & 3D data acquisition. These are screening activities (similar to an echography) of the geological layers
- Data interpretation. Data is being processed into images. These will be analyzed to get a better understanding the sub-surface rock structures
- Exploration drilling. Based on knowledge from the data analysis, exploration wells are drilled in prospect areas and appraisal tests can be run.
After the exploration phase, a Final Investment Decision (FID) is required to start development of the field.
In the oil and gas industry, in order to be able to reach a Final Investment Decision, many variables are taken into consideration, from endogenous factors (volumes, concept and costs) to exogenous factors such as fiscal & regulatory framework and gas market developments (gas price, indicative buyers, transportation network).
The oil and gas industries are highly capital intensive. It can take years and even a decade from start of exploration phase to start of production and even longer for the investment to generate returns to investors.
*Figures for 2020