OMV Petrom invests EUR 30 M for the redevelopment of an oil field in Bacau

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OMV Petrom is constantly investing in new technologies and secondary recovery methods to redevelop mature fields in Romania in order to improve oil and gas recovery rates. The largest oil and gas producer in South-eastern Europe made an important investment in the redevelopment project of Tazlau oil field, located in the North-eastern part of Romania, in Bacau County. According to a press release, the project envisages investments of around EUR 30 million during 2014 – 2015.

“OMV Petrom This project will contribute to our strategic objective of stabilizing production levels in Romania while the additional reserves unlocked by this investment will strengthen OMV Petrom’s contribution to Romania’s long term security of supply,” Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production said. Tazlau is a mature oil field, producing for more than 60 years, with a daily production of below 1 percent of the total oil production of OMV Petrom in Romania.

The purpose of the field redevelopment is to increase oil recovery in Tazlau field by produced water injection. The Tazlau redevelopment project consists of 20 workover operations, the construction of water treatment facilities and a new water distribution network. This project is expected to unlock additional oil reserves of 3.2 million barrels (equivalent to around 10 percent of OMV Petrom’s annual oil production in Romania), replacing the natural decline.
At the end of 2013, 11 field redevelopment projects were in development phase. The future investments planned for the implementation of these projects amount to over EUR 500 million and the proved and probable reserves amount to around 100 million boe (barrels of oil equivalent).

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