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Petrom strikes oil under shallow Black Sea waters

OMV Petrom, the largest oil and gas producer in South-Eastern Europe announces the success of an exploration well drilled in the Black Sea's shallow waters, where tests point to a 1,500-2,000 barrels of oil equivalent (BOE)/day production potential, according to a company release remitted to AGERPRES on Wednesday.

The exploration well Marina 1 was drilled 60 km from shore, in the Istria XVIII Perimeter, to a depth of about 2,150 metres below the seabed. Water depth in the area is about 50 metres.

First estimates from production tests show a potential production per well of 1,500 - 2,000 BOE/day. Cost of drilling the exploration well amounted to approximately 19 million euros. After the completion of tests, the Marina 1 well will be plugged with cement and abandoned.

In the following months, OMV Petrom will evaluate the results of the Marina 1 well and assess its commercial viability in order to develop and start production from the new reservoir. In order to exploit the reservoir, it is necessary to develop required infrastructure, including drilling of the production wells. Production from the Marina discovery - depending on the decision on its commercial viability - could start over the next 3-4 years.

'The Black Sea is an important area for OMV Petrom, an area which continues to have potential for new discoveries. Currently, production from shallow waters accounts for 18 per cent of the company's hydrocarbons production in Romania. We have over 40 years of experience in exploration and production in the shallow waters of the Black Sea and we will continue to invest in the development of the offshore segment', says Gabriel Selischi, member of the OMV Petrom Executive Board, responsible for Exploration and Production.

OMV Petrom is currently exploiting five reservoirs: Pescarus, Lebada East, Lebada West, Sinoe and Delta. These have a total production of about 31,000 boe/day. At the same time, OMV Petrom is collaborating with the Americans of ExxonMobil for the exploration of the Neptun Deep Perimeter, where a first well identified a gas reservoir potential between 42 and 84 billion cubic metres, and the production is estimated to begin in 2019-2020.