OMV Petrom invests EUR 200mn in mature field redevelopment at Suplacu de Barcau

• Suplacu de Barcau project aims at unlocking additional oil reserves
• Around EUR 400 mn to be invested in 6 field redevelopment projects in Romania until 2015

OMV Petrom, the largest oil and gas producer in Southeastern Europe, announces the start of the implementation phase for the field redevelopment project in Suplacu, located in the Northwestern part of Romania. The investments for the project will amount to approximately EUR 200 mn for the period 2013-2015. Mariana Gheorghe, CEO OMV Petrom: “We operate very mature fields and over the last years we have been able to reduce the production decline rate to roughly 1% per year. At present we supply approximately 40% of the oil and gas demand in Romania. Field redevelopment projects are and will be essential to keep production stable.” Field redevelopments aim to unlock additional hydrocarbons reserves. We target the increase of the recovery factor for oil and gas, reduction of technological and energy consumption and environmental impact by using additional drilling, modernization of equipment and new techniques applied to mature fields. Presently, the average reserves recovery rate for the 238 fields operated by the company stands at 25% for oil and around 49% for gas. “Basically, with the help of new technologies, we will be able to extract more from fields that have been in production for decades. We believe there is still potential in these mature fields”, said Gabriel Selischi, Director Domestic Assets OMV Petrom. Suplacu is a mature oil field, in production for over 50 years, with a daily production of 10% of the total oil production of OMV Petrom in Romania. The Suplacu field redevelopment project consists of 105 wells of additional drilling, implementation of the latest techniques to increase the recovery factor of hydrocarbons, construction of a new gathering park and water treatment plant as well as the modernization of the gas combustion system and air compression system. OMV Petrom aims at implementing 6-8 field redevelopment projects by 2015. At the end of 2012, four field redevelopment projects were in the engineering phase and two projects passed Final Investment Decision, namely Suplacu and Oprisenesti. Production on the six fields represents approximately 40% of OMV Petrom current production. The necessary investments for the implementation of the six projects, including Suplacu, will reach approximately EUR 400 mn and additional reserves are estimated at 70 mn boe.

Source: www.bvb.ro