22 Nov 2018 09:52
OMV Petrom S.A.
Investor News
22 November 2018
New gas discovery in Oltenia region confirms
near-field exploration opportunity
OMV Petrom S.A. (OMV Petrom), the largest energy company in South-Eastern Europe, discovered new resources in close proximity to existing infrastructure in Vâlcea County, Oltenia.
The well 4317 Mamu was drilled as a step out from the existing Mamu field to a depth of approx. 4,400 meters and confirmed the presence of gas and condensate. Due to the close proximity to the existing infrastructure, the well could start production in late October, with initially more than 190,000 m3/d (approx.1,100 boe/d).
Investment for drilling 4317 Mamu well and connecting it to the infrastructure amounted to approx. 10 million euro.
"The majority of the gas fields in Romania started producing decades ago, they are mature and the production is declining. OMV Petrom continues to invest in exploration and production activities to mitigate this decline and to ensure security of energy supply. In the first 10 months of this year, we have ramped up investment by more than 40% compared with the same period of last year and we drilled 89 new wells and sidetracks. This comes in addition to the 9 billion euro already invested in Romania, in Upstream between 2005 and 2017", says Peter Zeilinger, OMV Petrom Executive Board member responsible for Upstream.
The Mamu field has been producing since 1980, but it continues to be one of the top producers in OMV Petrom's portfolio. Current production from the field amounts to approx. 4,500 boe/day. If used only for heating, the annual gas production from Mamu field could heat around 180,000 households.
About OMV Petrom
OMV Petrom is the largest energy company in South-Eastern Europe with an annual hydrocarbon production of about 61 million boe in 2017. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through 789 filling stations, at end of September 2018, under two brands - OMV and Petrom.
OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.01% stake in OMV Petrom. The Romanian State, through the Ministry of Energy, holds 20.64% of OMV Petrom shares, Fondul Proprietatea holds 9.9985%, and 18.35% is the free float on the Bucharest Stock Exchange and the London Stock Exchange.
OMV Petrom is the largest contributor to the state budget, with contributions of about 25.5 billion euro in taxes and dividends paid between 2005 and 2017. Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Starting 2007, the company has allocated approximately 52 million euro to develop communities in Romania, focusing on environmental protection, education, health and local development.
Contact:
OMV Petrom Investor Relations
Tel: +40 372 161930, Fax: +40 372 868518
E-mail: investor.relations.petrom@petrom.com