OMV Petrom Makes Gas Discovery in Romania
November 22 2018 - 6:11AM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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