OMV Petrom is currently engaged in exploration activities in Romania, Bulgaria and Georgia.
We are engaged in exploration activities in ten exploration licenses in Romania, covering over 26,000 km²; including two offshore licenses. Furthermore, we are partner in the Han-Asparuh offshore exploration block in the deep waters of Black Sea in Bulgaria, with an area of 13,819 km² and the operator for the offshore Block II in Georgia, covering a total area of 5,282 km² with water depth varying between 400 and 2,000 meters.
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 includes: 2D & 3D seismic data acquisition, data interpretation and exploration drilling.
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 industry is 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 2021