OMV Petrom Makes Gas Discovery in Romania

   By Nathan Allen

OMV Petrom SA (SNP.RO) said Thursday that it has discovered gas resources in close proximity to existing infrastructure in Romania's Oltenia region.

The company said it confirmed the presence of gas and condensate after drilling to a depth of around 4,400 meters close to its existing Mamu field.

OMV Petrom said it invested 10 million euros ($11.4 million) drilling the well, which could start production in late October due to close proximity to existing infrastructure.

OMV Petrom Board Member Peter Zeilinger said the company will continue investing in exploration in Romania to mitigate the decline of the country's gas fields, most of which started production decades ago and now face declining production.

"In the first 10 months of this year, we have ramped up investment by more than 40% compared with the same period of last year," he said.

Write to Nathan Allen at nathan.allen@dowjones.com

(END) Dow Jones Newswires

November 22, 2018 05:56 ET (10:56 GMT)

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