OMV Petrom makes largest crude oil discovery in decades

Editorial & Advertiser disclosure

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

Top Stories

Posted By Uma Rajagopal

Posted on June 13, 2023

OMV Petrom makes largest crude oil discovery in decades

BUCHAREST (Reuters) -Romanian oil and gas group OMV Petrom, majority-controlled by Austria’s OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.

The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrerls of oil equivalent (boe) of recoverable resources.

“The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy,” said Cristian Hubati, a company board member responsible for exploration and production.

The discoveries were in three areas, with the largest in the Verguleasa area that is near existing production, part of a strategy of exploring near infrastructure already present.

The find comes as the company gears up for a final investment decision on a large Black Sea offshore gas project together with state owned gas producer Romgaz.

OMV Petrom has said it expected a decision around the middle of this year for the Neptun Deep gas project, estimated to cost around 4 billion euros ($4.32 billion). Plans to develop the project were previously delayed by taxes and regulations introduced without notice.

In May, Romanian lawmakers changed the law to enforce an additional tax on refined crude oil which applies to OMV Petrom.

OMV Petrom shares were up 0.65% on the day on the Bucharest Stock Exchange by 1135 GMT.

($1 = 0.9266 euros)

(Reporting by Luiza Ilie and Jason Hovet; Editing by Alan Charlish and)

Recommended for you