By Nathan Allen

OMV Petrom SA (SNP.RO) said Monday that it plans to invest 30 million euros ($34.1 million) in drilling two wells in the Black Sea by the end of the year.

The Romanian oil-and-gas group, which is majority-owned by parent company OMV AG (OMV.VI), said it plans to drill the wells to a depth of 2,000 meters in shallow waters on the Istria Block in the Romanian Black Sea.

The goal of the campaign is to extend production from the Lebada East oil-and-gas field, OMV Petrom said.

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

(END) Dow Jones Newswires

July 01, 2019 06:55 ET (10:55 GMT)

Copyright (c) 2019 Dow Jones & Company, Inc.
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Mar 2024 to Apr 2024 Click Here for more Omv Ag Bearer (PK) Charts.
Omv Ag Bearer (PK) (USOTC:OMVKY)
Historical Stock Chart
From Apr 2023 to Apr 2024 Click Here for more Omv Ag Bearer (PK) Charts.