OMV Petrom has reported a gas discovery in Vâlcea County in the Romanian province Oltenia following the drilling of the 4317 Mamu well, which gives the company a near-field exploration opportunity.
The new gas discovery by OMV Petrom is located in close proximity with the company’s existing infrastructure in the region, thereby making it possible for production to begin earlier than otherwise. The new gas discovery is expected to initially yield in excess of 1,100 boe/d, said the company.
According to the Romanian oil and gas firm, the 4317 Mamu well was drilled as a step out from the existing Mamu field to a depth of around 4,400m at which it confirmed the availability of gas and condensate. The company revealed that the investment for drilling the exploratory well and for linking it to the infrastructure is about €10m.
The Mamu field, which has been in production since 1980, is among the leading producers in the company’s portfolio. Its current production is about 4,500 boe/day.
The Romanian oil and gas firm claims that the annual gas production from Mamu field could provide heat to nearly 180,000 households.
OMV Petrom executive board member Peter Zeilinger said: “The majority of the gas fields in Romania started producing decades ago, they are mature and the production is declining. OMV Petrom continues to invest in exploration and production activities to mitigate this decline and to ensure security of energy supply.”
Zeilinger claimed that in the first 10 months of 2018, OMV Petrom has increased its investment by over 40% compared to the same period last year. The subsidiary of Austria-based OMV drilled 89 new wells and sidetracks during the period.
The investment boost adds to the €9bn invested in the Romanian upstream sector by OMV Petrom between 2005 and 2017.
EMEC floating wind demo site offers £690 million opportunity to UK
Chevron shows it has the financial muscle to acquire BP - but says it plans to launch a US$75bn buyback instead
Why Equinor is selling its Nigerian offshore oilfield
Moray West Offshore Wind Farm to use Invergordon port for marshalling monopiles