OMV Petrom started production from a new offshore well LVO7, drilled in the Lebada Vest field. LVO7 is the first multilateral well drilled in Romania. Drilling works started in February, being part of the offshore campaign announced in September 2017.
“As part of this campaign, four new wells will be drilled: three wells in existing fields and one exploration well. Although the producing fields in the Black Sea have a production history of 30 years, they continue to provide a significant part of the group’s total production. The current drilling campaign is in line with our strategy to exploit the full potential of our core portfolio and to make production more efficient in order to manage the natural decline”, stated Peter Zeilinger, Executive Board Member of OMV Petrom responsible for Upstream, at that time.
According to OMV Petrom press release from September, 2017 “the campaign includes the drilling of two wells by the end of 2017 and another two wells by mid-2018, with estimated investments of around EUR 70mn; the wells are planned to be drilled to depths of up to 2,000 meters below sea level”.
“Multilateral drilling is a new technology that allows us to reach different target zones within a reservoir through a single well. Multilateral wells allow us to recover additional resources from our mature fields and to increase production, while managing costs. I am proud that this new technology was successfully implemented in OMV Petrom”, Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream, pointed out.
The investment for drilling the well and connecting it to existing infrastructure amounts to approximatively 30 million euro. The well has two branches which were drilled at a length of ~3,200 meters, respectively ~2,200 meters below the seabed. With an initial production of 1,700 boe/day, LVO7 ranks among top 10 producing wells in OMV Petrom’s portfolio.
Lebada Vest is the biggest offshore oil field in Romania which is currently in production. It was discovered in 1984 and has already been producing for decades, thus facing the challenges and strong investment needs related to a mature field.
OMV Petrom in the Black Sea
Exploration in the Romanian continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was in 1980, and the first production in the Black Sea started in 1987. Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration operations in partnership with ExxonMobil in deepwater areas (Neptun Deep).
Oil and gas production in shallow waters (Istria block) amounts to approximately 30,000 boe/day, accounting for around 18% of the group’s domestic production. The annual oil and gas production of the Black Sea is the equivalent of the quantity used to heat 1 million households for a year or to fill up the tanks of 4.4 million cars.
The production comes from five producing fields: Lebada Est (discovered in 1980), Lebada Vest (discovered in 1984), Sinoe (discovered in 1988), Pescarus (discovered in 1999) and Delta (discovered in 2007).