OMV Petrom has announced finding a new gas deposit that can generate up to 500,000 cubic metres of gas in Oltenia region, Romania.
The drill was dug near an already exploited deposit in Totea, Gorj county, up to 4,300 metres underground.
The investments in the new drill mounts to roughly EUR 50 million, while the investor has put EUR 200 million to get the deposit to the surface.
The natural gas from Totea is transported through a 25-km network of pipelines to the Hurezani hub to be treated and then delivered to the national transport system.
If the new gas deposit were used exclusively for heating for instance, it could provide the energy needed for 50,000 houses, the company estimates.
OMV Petrom‘s gas production has been on decline lately. The rise could come after exploiting the deposits found in the Black Sea, but they are still blocked by the legislation.
The total oil production of OMV Petrom has reported a 6.25% decline in the third quarter of 2019, from 160,000 barrel of oil equivalent – BOE per day to 150,000 BOE/day, according to the group’s Q3 2019 results to be revealed at the end of this month.