OMV in Black Sea oil find


OMV has discovered a new oil reservoir in the shallow waters of the Romanian Black Sea.

The state-owned Austrian player made the find at the Marina 1 exploration well some 60 kilometres from shore, it said on Wednesday.

The well, drilled on the Istria XVIII permit, was drilled to a total depth of 2150 metres in 50 metres of water at a cost of €18 million ($24.37 million).

"First estimates from production tests show a potential production per well of 1500 to 2000 barrels of oil equivalent per day," OMV Petrom, the company's Romanian wing, said.

"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 three to four years.

"Investments necessary for reservoir development are estimated to above €100 million."

OMV Petrom head of exploration and production Gabriel Selischi said: "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."

Newsletter signup


Become an Upstream member!

Membership includes a subscription to our weekly newspaper providing in-depth news from the energy industry, plus full-access to this site and its archives. Still not convinced? Try our free trial.

Already a member?