OMV Petrom discovered new oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania. Cumulatively, the discovered deposits hold over 30 million BOE of recoverable resources, equivalent to around three quarters of OMV Petrom’s 2022 production.
Exploration drilling and testing of the three wells took place between June 2022 and April 2023. The company has invested around $22 million in the exploration drilling campaign.
One of the discoveries was in the Verguleasa exploration area in the Oltenia region. The company identified crude oil resources of 20 million BOE, representing OMV Petrom’s largest crude oil discovery in decades. The discovery is in the vicinity of another production area, which will offer a tie-in point and a faster start of production.
Another discovery took place in the Târgoviște exploration block, where an estimated 6 million BOE crude oil were identified. Successful testing was carried out in April and pre-exploitation work is in preparation.
A third discovery was made in the Târgu Jiu exploration block. Natural gas resources of 7 million BOE were identified, equivalent to almost one third of Romania’s natural gas production in 2022. One follow-up well is planned for next year, and preparations for a tie-in are ongoing.
“Romania has been producing crude oil and natural gas for over 150 years, and under these conditions, identifying new resources requires a significant effort,” said Cristian Hubati, member of the OMV Petrom executive board. “The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy.”
All discoveries are the result of the company’s exploration strategy focusing on near-field opportunities located close to existing infrastructure to facilitate development, tie-ins, and early production of newly found resources.