Romania's OMV Petrom starts 30 mln euro new offshore drilling campaign

04/07/2019 09:14 Oil Market


Romania's top oil and gas group OMV Petrom [BSE:SNP] said on Monday it has started a 30 million euro ($34 million) new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea.

Two new wells will be drilled by the end of the year, OMV PEtrom said in a statement.


The two wells will be drilled at over 2,000 meters below the seabed, in water depths of approximately 50 meters. They target additional production from the Lebada East field, discovered in 1979.


This offshore drilling campaign comes in continuation of investment projects for offshore production in the shallow waters of the Black Sea, for which over 350 million euro were invested between 2014 and 2018.


Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration activities in partnership with ExxonMobil in deepwater areas (Neptun Deep).


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