Petrom has registered its first exploration success in Russia
- Lugovaya-1 well tests confirm both oil and gas discoveries
- Three layers flowed oil and gas at combined rate of approximately 6,500 boe/d
Petrom, the largest oil and gas producer in South-Eastern Europe, confirms both oil and gas discoveries in the exploration well Lugovaya-1. The well is located in the Kamenski license in the Saratov Region (Russia). The Lugovaya-1 well was drilled at a depth of 3,882 m. The first tests are very encouraging, showing a flow rate of over 2,500 bbl/d light sweet oil in one zone; two gas-bearing formations flowed combined 550,000 m³/d sweet gas as well as 75 m³/d condensate (4,000 boe/d).
Johann Pleininger, Petrom Executive Board Member responsible for Exploration and Production: "This exploration success and especially the high flow rates are very encouraging and prove the geological concepts developed in partnership with Russian colleagues by our joint geoscientists’ team."
Petrom entered Russia in 2006 by acquiring a 74.9% majority of Ring Oil Holding & Trading Ltd. and explored together with the minority shareholder eight exploration blocks in the Saratov Region, located approximately 1,000 km southeast of Moscow, and two in the area of Komi, located approximately 1,200 km northeast of Moscow.
Since 2006, Ring Oil has acquired, processed and interpreted more than 6,000 km of 2D seismic data in those two regions and drilled and tested four exploration wells in Saratov licenses.
Background Information
Petrom SA
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 0.9 bn boe, has an annual refining capacity of 8 mn t and holds around 550 filling stations in Romania. The company also has an international network of 269 filling stations located in Moldova, Bulgaria and Serbia. In 2008 the turnover of Petrom was EUR 4,552 mn, EBITDA was EUR 969 mn. OMV, the leading energy group in the European growth belt holds a 51.01% share in Petrom. OMV is active in 13 Central European countries in its Refining and Marketing business segment and in 17 countries in six core regions in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% are owned by minority shareholders.
Petrom is the largest Romanian oil and gas group, with activities in the business segments of Exploration and Production, Refining and Marketing as well as Gas and Power. Petrom exploits estimated proved oil and gas reserves of 0.9 bn boe, has an annual refining capacity of 8 mn t and holds around 550 filling stations in Romania. The company also has an international network of 269 filling stations located in Moldova, Bulgaria and Serbia. In 2008 the turnover of Petrom was EUR 4,552 mn, EBITDA was EUR 969 mn. OMV, the leading energy group in the European growth belt holds a 51.01% share in Petrom. OMV is active in 13 Central European countries in its Refining and Marketing business segment and in 17 countries in six core regions in Exploration and Production. Ministry of Economy holds 20.64% of Petrom shares, Property Fund SA holds 20.11%, the European Bank for Reconstruction and Development 2.03% and 6.21% are owned by minority shareholders.