OMV Petrom’s Largest Crude Oil Discovery in Decades

OMV Petrom, the largest integrated energy company in Southeast Europe, announced 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 million boe 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 EUR 20 mn in the exploration drilling campaign.

“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,” Cristian Hubati, member of the OMV Petrom Executive Board, responsible for the Exploration and Production activities, stated.

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 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 synergies by facilitating a faster start of production.

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

A third discovery was made in the Targu 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 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.