OMV Petrom makes multiple oil, gas discoveries in Romania

June 14, 2023

(WO) – OMV Petrom, the largest integrated energy company in Southeast Europe, announces the discovery of new crude oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania. Cumulatively, the discovered deposits hold over 30 MMboe of recoverable resources, equivalent to around three quarters of OMV Petrom’s 2022 production.

Exploration drilling and testing of these three wells took place between June 2022 and April 2023. The company has invested around $21.57 million in the exploration drilling campaign.

Cristian Hubati, member of the OMV Petrom Executive Board, responsible for the Exploration and Production activities, said, "Romania has been producing crude oil and natural gas for over 150 years, and under these conditions, identifying new resources requires a significant effort. 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.”

One of the discoveries made by OMV Petrom was in the Verguleasa exploration area, in the Oltenia region. The company has identified crude oil resources totaling around 20 MMboe, representing OMV Petrom's largest crude oil discovery in decades. The discovery is in the vicinity of another production area, which will offer synergies by facilitating a faster start of production.

Another discovery took place in the Târgoviște exploration block, where crude oil resources were identified in an estimated amount of 6 MMboe. Successful testing was carried out in April 2023 and pre-exploitation work is in preparation.

A third discovery was made in the Târgu Jiu exploration block. Natural gas resources of 7 MMboe were identified, equivalent to almost one third of Romania’s natural gas production in 2022. One follow-up well is already planned for next year and preparations for a tie-in are ongoing.

All discoveries are the result of the company’s exploration strategy focusing on near-field opportunities located close to existing infrastructure, which facilitates quick development, tie-ins and early production of newly found resources.

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