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OMV Petrom hits oil in the Black Sea

BUCHAREST, Romania -- OMV Petrom has announced the success of its Marina 1 exploration well. The well encountered a new oil reservoir on the continental shelf of the Black Sea.

Marina 1 was drilled 60 km from shore, in Istria XVIII Perimeter, to a depth of about 2,150 m below the seabed. Water depth in the area is about 50 m. First estimates from production tests show a potential production per well of 1,500 to 2,000 boed.

"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% 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.

The cost of drilling the exploration well amounted to approximatley EUR 19 million. After the completion of tests, the Marina 1 well will be plugged with cement and abandoned.

In the coming 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 the 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. Investments necessary for reservoir development are estimated to be above EUR 100 million.

07/16/2014

 

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