OMV Petrom invests EUR 30mn for the redevelopment of Tazlău oil field

OMV Petrom, the largest oil and gas producer in South-eastern Europe, announces the implementation of the redevelopment project of Tazlău oil field, located in the North-eastern part of Romania, in Bacău County. The project envisages investments of around EUR 30mn during 2014 –2015. Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production: “OMV Petrom is constantly investing in new technologies and secondary recovery methods to redevelop mature fields in Romania in order to improve oil and gas recovery rates. This project will contribute to our strategic objective of stabilizing production levels in Romania while the additional reserves unlocked by this investment will strengthen OMV Petrom’s contribution to Romania’s long term security of supply”. Tazlău is a mature oil field, producing for more than 60 years, with a daily production of below 1% of the total oil production of OMV Petrom in Romania. The purpose of the field redevelopment is to increase oil recovery in Tazlău field by produced water injection. The Tazlău redevelopment project consists of 20 workover operations, the construction of water treatment facilities and a new water distribution network. This project is expected to unlock additional oil reserves of 3.2mn bbl (equivalent to around 10% of OMV Petrom’s annual oil production in Romania), replacing the natural decline. At the end of 2013, 11 field redevelopment projects were in development phase. The future investments planned for the implementation of these projects amount to over EUR 500mn and the proved and probable reserves amount to around 100mn boe (barrels of oil equivalent). (bvb.ro, November 13^th)