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

04/07/2019 09:14 Oil Market

news

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).

Source: seenews.com

Exxon to make $500 million initial investment in Mozambique LNG project

08/10/2019 15:32:00

Exxon Mobil plans to invest more than $500 million in the initial construction phase of its liquefied natural gas (LNG) project in Mozambique.

<READ MORE

Qatar building large CO2 storage plant

08/10/2019 15:26:00

Qatar commissioned a carbon capture-and-storage plant and aims to sequester five million tonnes of carbon dioxide from its liquefied natural gas (LNG) facilities by 2025.

READ MORE

Daily (08.10.2019): Higher wind power output and warmer weather pushed NBP spot 6.3% down on Monday

08/10/2019 11:10:00

Oil prices were little changed on Monday on hopes of progress in U.S.-China trade negotiations which should take place on Oct. 10-11 in a fresh effort to work out a deal. However, worsening global economic conditions still put pressure on oil demand. Hence, Brent crude ended at $58.35 a barrel, while WTI futures lost 0.1% to end at $52.75 a barrel.

READ MORE