The new campaign will see drilling of two new wells in the shallow waters of the Istria block in the Black Sea by the end of 2019

2July - OVM

Image: OMV Petrom is currently engaged in exploration, development and production operations. Photo: Courtesy of OMV PETROM S.A.

OMV Petrom, a Romanian energy company, has announced the starting of a new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea.

The company said that the two new wells are expected to be drilled by the end of 2019, and requires more than €30m (£26m) investments.

In addition, it is planning to drill the two wells at more than 2,000mts below the seabed, in a water depth of approximately 50ms.

OMV Petrom executive board member Peter Zeilinger said: “We are committed to Romania and we invest significant amounts to secure Romania’s energy supply. The Istria block in the shallow waters of the Black Sea has a history of over 30 years of oil and gas production.

“Although fields are mature and reached their plateau production years ago, sustained investment and adequate engineering solutions enable us to unlock additional resources and to mitigate production decline.”

OMV Petrom operations in the Black Sea

OMV Petrom said that the offshore drilling campaign follows various investment projects for offshore production in the shallow waters of the Black Sea.

The projects saw more than €350m of investment from 2014 till 2018, drilling 10 new production wells and sidetracks, upgrading the gas compressor system and modernizing production facilities.

Exploration in the Romanian continental shelf of the Black Sea began in 1969 and the first hydrocarbon was discovered in 1980, with the first production started in 1987.

OMV Petrom is currently engaged in exploration, development and production operations in the shallow waters (Istria block) and exploration activities are carried out in partnership with ExxonMobil in deepwater areas (Neptun Deep).

Currently,  the oil and gas production in shallow waters amounts to approximately 25,000 boe/day and accounted for around 17% of the group’s domestic production in 2018. The production comes from five fields, namely Lebăda East, Lebăda Vest, Sinoe, Pescăruș and Delta.