BUCHAREST, Romania – OMV Petrom has started a new round of development drilling in the shallow-water Istria block in the Romanian sector of the Black Sea.
Operations on the first well started at the end of December and the second well was due to spud early this year. Estimated cost of the campaign is around EUR32 million ($38.79 million).
Chris Veit, member of the Executive Board responsible for Upstream, said: “Using modern technical solutions, we seek to unlock additional resources that can compensate for the decline of the domestic production from mature fields.”
The two wells are being drilled at depths of over 2,500 m (8,202 ft) below the seabed, in water depths of around 60 m (197 ft).
Between 2014 and 2019, the company invested more than EUR500 million ($606 million) on drilling 16 exploration and production wells and side tracks, and modernization of the production facilities and gas compression system.
Oil and gas production in the Istria block is currently around 25,000 boe/d. In 2019, it accounted for around 17% of the group’s domestic production.