OMV Petrom, the largest integrated energy company in Southeast Europe, announces that it has discovered new crude oil and natural gas resources in the Oltenia and Muntenia regions of southern Romania. Cumulatively, the discoveries amount to more than 30 million boe of recoverable resources, equivalent to three quarters of OMV Petrom’s 2022 production.

The exploratory and test drilling of these three wells took place between June 2022 and April 2023. The company invested approximately 20 million euro in the exploratory drilling.

“Romania has been producing crude oil and gas for over 150 years, and in these conditions the identification of new resources requires a significant effort. The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy,” said Cristian Hubati, member of the OMV Petrom Directorate, responsible for the Exploration and Production activity.

One of the discoveries made by OMV Petrom was in the Verguleasa exploration area, in the Oltenia region. The company has identified crude oil resources amounting to approximately 20 million boe in total, representing OMV Petrom’s largest crude oil discovery in decades. The discovery is in close proximity to another mining area, which offers synergies that will help start production faster.

Another discovery took place in the Târgoviște exploration perimeter, where crude oil resources were identified in an estimated amount of 6 million boe. The test works took place in April 2023, and those preceding the exploitation development are being prepared.

A third discovery was made in the Târgu Jiu exploration perimeter and natural gas resources of 7 million boe were identified, equivalent to almost a third of Romania’s natural gas production in 2022. A second well is already planned for next year, and preparations for the connection are underway.

All discoveries are the result of the company’s exploration strategy, focused on opportunities near existing deposits, which facilitates the rapid development, connection and early production of newly discovered resources.