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A new deposit of crude oil and natural gas discovered in the south of Buzau County

OMV Petrom and Hunt Oil Company of Romania (Hunt Oil) have discovered in the south of Buzau County a new deposit of crude oil and natural gas, which may be the biggest discovery of its kind in the past 30 years in southern Romania. 

According to Petrom, the deposit was discovered in the Perimeter VIII Urziceni East, at a depth of 2,500 meters. The discovery is located some 7-12 kilometers away from mature deposits, operated for over 50 years. 

The estimates obtained from the production tests conducted at the two geological layers indicate a potential production per well of 1,200-2,100 boe per day, informs a Wednesday's release issued by the largest producer of crude oil and natural gas in South-East Europe. 

The exploration investments that have led to this discovery made by OMV Petrom and Hunt Oil amount to 5 million euros. 

The company adds that the discovery in Buzau County has been made under the onshore exploration partnership signed in 2010 by OMV Petrom and Hunt Oil. The partnership aims at exploring two onshore blocks: I Adjud and VIII Urziceni East, the operator being Hunt Oil. 

OMV Petrom is the largest integrated oil s group in South-East Europe, with an annual production of crude oil and natural gas of 66 million boe. The group has a refining capacity of 4.2 million tonnes annually and holds a high-efficiency power plant of 860 MW and a wind farm of 45 MW. 

OMV, the largest listed industrial company in Austria, holds a 51.01% stake in OMV Petrom, in which the Romanian state, through the Ministry of Economy, holds 20.64%. The Proprietatea Fund owns 18.99% in Petrom and 9.36% is free float on the Bucharest Stock Exchange. 

Over the past 9 years, the investments to upgrade and consolidate OMV Petrom have amounted to some 10 billion euros. Annually, OMV Petrom's direct, indirect and induced impact on Romania's GDP is around 5%. 

Hunt Oil Company, an unlisted exploration and production company, has been conducting successfully oil operations for over 80 years. Currently, it is now one of the largest independent energy companies in the world, with operations in North America, South America, Europe, Australia and Middle East. The company has drilled wells in all continents, except for Antarctica.