OMV Petrom has discovered a new oil reservoir on the continental shelf of the Romanian Black Sea.
The reservoir in the shallow-water Istria XVIII offshore perimeter was identified by OMV’s Marina 1 exploration well at a cost of about €19m.
The well was drilled to a depth of approximately 2,150m below the seabed with production potential of 1,500bpd-2,000bpd.
If the discovery is proved to be commercially viable, OMV plans to commence production from the new reservoir over the next three to four years and may require investment of more than €100m.
OMV Petrom executive board member responsible for exploration and production Gabriel Selischi said: "The Black Sea is an important area for OMV Petrom, which continues to have potential for new discoveries.
"Currently, production from shallow waters accounts for 18% of the company’s hydrocarbons production in Romania.
"We have more than 40 years of experience in exploration and production in the shallow waters of the Black Sea and we will continue to invest in the development of the offshore segment."
OMV is currently looking for hydrocarbon resources in various perimeters in the Black Sea.
The company said exploration in the continental shelf of the Black Sea commenced in 1969 and the first hydrocarbon discovery was made in 1980 while the offshore production began in 1987.
OMV Petrom has an annual oil and gas production of around 66 million barrels and a refining capacity of 4.2 million tonnes.
Image: The Marina 1 exploration well was drilled to a depth of approximately 2,150m below the seabed. Photo: courtesy of OMV Petrom.