OMV Petrom starts new drilling campaign in Black Sea

11 July 2019

OMV Petrom, the Romanian energy company, started a new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea. Two new wells will be drilled by the end of the year, requiring investments of over €30M.

The two wells will be drilled at over 2,000 meters below the seabed, in water depths of approximately 50 meters. They target additional production from the Lebada East field (oil and associated gas), discovered in 1979.

This offshore drilling campaign comes in continuation of investment projects for offshore production in the shallow waters of the Black Sea: over €350M were invested between 2014 and 2018, including drilling ten new production wells and side-tracks, upgrading the gas compressor system and modernizing production facilities.

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 activities in partnership with ExxonMobil in deepwater areas (Neptun Deep).

Oil and gas production in shallow waters (Istria block) currently amounts to approximately 25,000 boe/day. In 2018, it accounted for around 17% of the Group’s domestic production. The 2018 oil and gas production of the Black Sea is the equivalent of the quantity used to heat approximately 1 million households for a year or to fill up the tanks of 3.5 million cars.