8 Dec 2016 08:00
OMV Petrom S.A. Investor News
Padina field, discovered in 2014,
currently produces approx.1,900 boe/day
u OMV Petrom and Hunt Oil started experimental gas production from the Padina North field
u Partnership initiated in 2010 (50 percent OMV Petrom, 50 percent Hunt Oil), Hunt Oil operator
u Padina North 1: approx. 17 million euro total investments by OMV Petrom and Hunt Oil
OMV Petrom, the largest oil and gas producer in Southeastern Europe, in partnership with Hunt Oil Company of Romania (Hunt Oil), announces start of experimental gas production from Padina field (Southern Buzău County), discovered end of 2014.
The production comes from Padina North 1 well, drilled in 2014, along with other newly built production facilities: gas separators, gas treatment and gas measurement systems, pipelines ensuring connectivity to the national transport system and liquid products storage facilities.
The total investments made by the two partners between 2014-2016 for the Padina North 1 project amount to approximatively EUR 17 million. The construction works for production facilities were finalized in just seven months.
With an average gross gas and condensate production stabilized at approx. 1,900 boe/day, in line with initial estimations, Padina North 1 well currently ranks among top wells in OMV Petrom's portfolio.
Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream: "The start of production at Padina field shows our commitment to continue investments for projects which prove viable, despite the unfavorable context due to the low crude and gas prices. With a portfolio consisting mostly of mature fields, Romania needs investments in order to continue oil and gas production."
Experimental production is the final stage of a new reservoir exploration process. At Padina, experimental production is expected to span for approximately 12 months. The purpose of the experimental production is to collect data that will define the technical and economical details for the decision to pursue with field development.
In 2010, OMV Petrom signed a partnership with Hunt Oil for the exploration and development of onshore blocks Adjud and Urziceni East, each partner having a 50 percent interest, with Hunt Oil being the operator.
About OMV Petrom
OMV Petrom is the largest integrated oil and gas group in Southeastern Europe, with an annual oil and gas production of approximately 65 mn boe in 2015. The Group has a refining capacity of 4.5 mn tons / year and operates an 860 MW high efficiency power plant and a 45 MW wind park. The group is present on the oil products retail markets in Romania and neighboring countries through 786 filling stations, as at 30 September 2016.
OMV, one of Austria's largest listed industrial companies, holds a 51.01% stake in OMV Petrom. The Romanian state, via the Ministry of Energy, holds 20.64% of OMV Petrom shares, Fondul Proprietatea holds 12.57%, and 15.79% is free float on the Bucharest Stock Exchange and London Stock Exchange.
Starting 2007, OMV Petrom has integrated the principles of corporate responsibility into its business strategy. In this period, the company has allocated more than EUR 40 mn for the development of communities in Romania, focusing on environmental protection, education, health and local development.
About Hunt Oil
Hunt Oil Company is one of the largest privately held companies in the United States, operating both domestically and internationally. With more than 80 years of leadership in the exploration and production industry, Hunt Oil Company found its original success in the East Texas oil fields. Today, the company is actively engaged in exploration and production activities in North America, South America, Europe and the Middle East. The company has drilled wells on every continent except Antarctica.
Contact details:
OMV Petrom Investor Relations
Tel: +40 372 161930; Fax: +40 372 868518E-mail: investor.relations.petrom@petrom.com