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Published July 16, 2014

OMV Petrom: oil discovery in the Black Sea

  • Marina 1 exploration well identified a new oil reservoir in Istria XVIII offshore Perimeter (shallow water)
  • Production potential, according to the tests, is 1,500-2,000 boe/day
  • Exploration drilling cost for Marina 1 amounted to approx. EUR 19 mn

OMV Petrom, the largest oil and gas producer in South-Eastern Europe announces the success of an exploration well drilled in Istria XVIII offshore Perimeter (shallow water). The Marina 1 well encountered a new oil reservoir on the continental shelf of the Black Sea.

"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 exploration well Marina 1 was drilled 60 km from shore, in Istria XVIII Perimeter, to a depth of about 2,150 meters below the seabed. Water depth in the area is about 50 meters.
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 approx. EUR 19 mn. 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. Investments necessary for reservoir development are estimated to above EUR 100 mn.

This news release contains forward-looking statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes", "estimates," "expects", "potential" and similar references to future periods. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

OMV Petrom activities in the Romanian Black Sea
Exploration in the continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was made in 1980 and the offshore production started in 1987.

Currently, OMV Petrom is engaged both in shallow water and in deep water activities, described below:

Istria Perimeter – shallow water (100% OMV Petrom): exploration and production activities
OMV Petrom is currently exploiting five reservoirs: Pescarus, Lebada East, Lebada West, Sinoe and Delta. These have a total daily production of about 31,000 boe/day.
Over the last 10 years, OMV Petrom has undertaken three 3D seismic acquisition campaigns in the Istria field, ensuring complete coverage of the perimeter. Following these campaigns, in 2007, the Delta reservoir was discovered, with production starting two years later.

The Neptun Shallow Perimeter – shallow water (100% OMV Petrom): exploration operations

The Neptun Deep Perimeter – deep water (50% OMV Petrom, 50% ExxonMobil): exploration operations
Between December 2011 and March 2012, ExxonMobil and OMV Petrom drilled the Domino-1 well, the first deep water exploration well in Romania, which confirmed the existence of natural gas. Domino-1 hit a total depth of more than 3,000 meters below sea level.

Midia Deep Perimeter – deep water (42.5% OMV Petrom, 42.5% ExxonMobil, 15% GasPlus): exploration operations

OMV Petrom
OMV Petrom is the largest integrated oil and gas group in South-eastern Europe, with an annual oil and gas production of approximately 66 mn boe. The Group has a refining capacity of 4.2 mn tons / year and owns an 860 MW high efficiency power plant and a 45 MW wind park. OMV Petrom is present on the oil products retail markets in Romania and neighbouring countries through approximately 800 filling stations.

OMV, Austria’s largest listed industrial company, holds a 51.01% share in OMV Petrom. The Romanian state, via the Ministry of Economy, holds 20.64% of OMV Petrom shares, the Property Fund holds 18.99% and 9.36% is free float on the Bucharest Stock Exchange.

In the last nine years investments for the consolidation and modernization of OMV Petrom amounted to EUR 10 bn. The annual direct, indirect and induced impact of OMV Petrom in Romania’s GDP is around 5%.

Starting 2007, OMV Petrom integrated the principles of corporate responsibility within its business strategy. In this period, the company allocated more than EUR 40 mn for the development of communities in Romania, focusing on environment protection, education, health and local development. Andrei’s School is the main platform for community involvement.