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August 10, 2018

OMV Petrom starts production from offshore well LVO7 in Romania

OMV Petrom has commenced production from the LVO7 well offshore Romania, which has been drilled at the Lebada Vest field.

OMV Petrom has commenced production from the LVO7 well offshore Romania, which has been drilled at the Lebada Vest field.

Drilling works on LVO7 started in February this year, as part of the offshore campaign that was announced in September last year.

OMV Petrom executive board member Peter Zeilinger said: “Multilateral drilling is a new technology that allows us to reach different target zones within a reservoir through a single well.

“Multilateral wells allow us to recover additional resources from our mature fields and to increase production, while managing costs. I am proud that this new technology was successfully implemented in OMV Petrom.”

The company has invested a total of about €30m for drilling the well and connecting it to existing infrastructure.

“Multilateral drilling is a new technology that allows us to reach different target zones within a reservoir through a single well.”

The two branches of the well LVO7 were drilled at a length of around 3,200m, and 2,200m below the seabed.

The LVO7 well offshore Romania has an initial production of 1,700 barrels of oil equivalent per day (boepd) and ranks among top ten producing wells in OMV Petrom’s portfolio.

Lebada Vest, which was discovered in 1984, is currently in production.

OMV Petrom currently has exploration, development and production operations in the shallow waters (Istria block) and exploration operations in partnership with ExxonMobil in deep water areas.

In the Istria block, oil and gas production amounts to about 30,000boepd, accounting for around 18% of the group’s domestic production.

OMV Petrom reported an annual hydrocarbon production of about 61 million boepd last year and has a refining capacity of 4.5 million tonnes a year.

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