OMV Petrom makes major crude oil discovery in Romania

Romanian oil and gas group OMV Petrom, majority-owned by Austria’s OMV, announced on Tuesday the discovery of new crude oil and natural gas fields in southern Romania. The findings are estimated to be equivalent to approximately three-quarters of its total 2022 production, making it the company’s largest crude oil discovery in decades. With resources amounting to around 30 million barrels of oil equivalent (boe), these new discoveries are expected to mitigate production decline and ensure a steady supply of essential products for the economy.

Christian Hubati, the board member responsible for exploration and production, emphasized the significance of these discoveries. OMV Petrom’s strategic approach includes exploring nearby infrastructure that is already in place, with the largest discovery located in the Verguleasa area, close to existing production sites.

Simultaneously, OMV Petrom is preparing for a final investment decision on a major offshore gas project in the Black Sea, in collaboration with state gas producer Romgaz. The Neptun Deep gas project, valued at approximately 4 billion euros ($4.32 billion), is expected to receive a decision around the middle of this year. Development plans for the project had previously faced delays due to unexpected tax and regulatory changes.

However, in May, Romanian lawmakers amended the law to introduce an additional tax on refined crude oil, impacting OMV Petrom and other oil and gas companies operating in Romania. Dubbed the “greed tax,” this measure aims to increase state revenues from the energy sector. OMV Petrom has expressed concerns about the potential impact of this tax on its operations and profitability.

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