OMV Petrom to Redevelop Oprisenesti Field

BUCHAREST - Romania's largest oil and gas group OMV Petrom plans to invest about 90 million euros ($115.7 million) by the end of this year to redevelop its Oprisenesti oil field in the eastern county of Braila, the company said in a statement Friday, news agency Mediafax reports. 

The project targets unlocking additional oil reserves of 8 million barrels of oil equivalent. 

"OMV Petrom is constantly investing in new technologies and secondary recovery methods to redevelop mature fields in Romania in order to improve the oil and gas recovery rate and stabilize production levels," said Johann Pleininger, member of OMV Petrom's executive board, responsible for exploration and production. 

Oprisenesti is a mature oil field, in production for almost 50 years, with a daily production of around 2% of the total oil production of Petrom in Romania, the oil company said. 

The redevelopment project entails drilling 30 new wells, as well as the construction of a water treatment station, a new pipeline transport network and three new pump stations. 

Oprisenesti is one of the six redevelopment projects Petrom plans to implement between 2013 and 2015. Total investment in the six projects is estimated at EUR400 million. 

Petrom is 51.01% owned by Austrian oil and gas group OMV AG, while the Economy Ministry holds a 20.64% stake.

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OMV Petrom to Redevelop Oprisenesti Field

BUCHAREST - Romania's largest oil and gas group OMV Petrom plans to invest about 90 million euros ($115.7 million) by the end of this year to redevelop its Oprisenesti oil field in the eastern county of Braila, the company said in a statement Friday, news agency Mediafax reports. 

The project targets unlocking additional oil reserves of 8 million barrels of oil equivalent. 

"OMV Petrom is constantly investing in new technologies and secondary recovery methods to redevelop mature fields in Romania in order to improve the oil and gas recovery rate and stabilize production levels," said Johann Pleininger, member of OMV Petrom's executive board, responsible for exploration and production. 

Oprisenesti is a mature oil field, in production for almost 50 years, with a daily production of around 2% of the total oil production of Petrom in Romania, the oil company said. 

The redevelopment project entails drilling 30 new wells, as well as the construction of a water treatment station, a new pipeline transport network and three new pump stations. 

Oprisenesti is one of the six redevelopment projects Petrom plans to implement between 2013 and 2015. Total investment in the six projects is estimated at EUR400 million. 

Petrom is 51.01% owned by Austrian oil and gas group OMV AG, while the Economy Ministry holds a 20.64% stake.

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Mediafax: OMV Petrom to Invest in Suplacu Redevelopment by 2015

BUCHAREST - Romania's leading oil company OMV Petrom will invest around 200 million euros ($255.9 million) up to 2015 in redevelopment works at its Suplacu field in the northwestern locality of Barcau, the company said in a statement Friday, news agency Mediafax reports.

The works aim to unlock additional hydrocarbon reserves in the region, Petrom said.

"We operate very mature fields and over the last years we have been able to reduce the production decline rate to roughly 1% per year. Field redevelopment projects are and will be essential to keep production stable," said Mariana Gheorghe, chief executive of Petrom.

She said Petrom currently supplies approximately 40% of the oil and gas demand in Romania.

Suplacu is a mature oil field, which has been in production for over 50 years. Its daily production is 10% of the total oil production of OMV Petrom in Romania.

The redevelopment works will comprise the drilling of an additional 105 wells, the implementation of state-of-the-art technology to increase hydrocarbon recovery rates, as well as the construction of a new water treatment plant and upgrades to the company's gas combustion and air compression systems.

Petrom plans to redevelop six to eight oil fields by 2015, including the Suplacu project. Total investment in the projects, which are slated to unlock additional 70 million barrels of oil equivalent, is estimated at EUR400 million.

The company's average reserve recovery rate for its 238 fields operated locally stands at 25% for oil and around 49% for gas, the company said.

Petrom is majority owned by Austria's OMV, with a 51% stake. Romania's Economy Ministry and investment fund Fondul Proprietatea hold 20.63% and 20.11% in Petrom, respectively, while the remaining shares are traded on the Bucharest bourse.

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