about us | newsletter | contact | archive | members area
Nicolae Ghibu, Certsign
Regulations will come gradually and will cover all areas»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

30 million Euro in oil fuel deposits in Tazlau

2014-12-01 12:48:50 - From the Print Edition

In mid-November, OMV Petrom, part of the Austrian OMV Petrom group, the largest oil and gas producer in Southeastern Europe, announced it would invest about 30 million Euro between 2014 and 2015 in the redevelopment project of the Tazlau oil deposit in Bacau county, as it plans to spend another 500 million Euro for similar projects in the future. "OMV Petrom is constantly investing in the new technologies and secondary recovery methods for the redevelopment of mature deposits in order to improve recovery rates of oil and gas," said Gabriel Selischi, member of the OMV Petrom Executive, responsible for exploration and production, as quoted by Mediafax. "This project will contribute to achieving our strategic objective to stabilize hydrocarbon production in Romania, while additional reserves unlocked by this investment will strengthen the contribution of Petrom to Romania′s energy security in the long term. "According to a company's statement issued in late 2013, OMV Petrom was developing 11 such projects. Future investments planned for the implementation of these projects amount to over 500 million Euro, with proven and probable reserves amounting to approximately 100 million boe (barrels of oil equivalent). Tazlau is a mature oil deposit being excavated for over 60 years, whose daily production represents less than one per cent of the total oil fuel production achieved by OMV Petrom in Romania. This project will unlock additional reserves of 3.2 million barrels of oil, equivalent to about 10 per cent of the annual oil fuel production of OMV Petrom in Romania, balancing the natural decline.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  4288 Views
Daily Info
Corina Popescu is the new CEO of Electrica

The Board of Directors of Electrica, one of the most valuable companies where the state is the main stakeholder, has agreed to end the collaboration with its CEO Dan Catalin S...

Skanska delivers the first building of the Campus 6 office project in Bucharest

Skanska inaugurates Campus 6.1, the first completed building in Campus 6, a project that marks the expansion of Skanska Romania in the Center - West area of the capital.

ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.

Marco Eichhorn appointed general manager of Radisson Hotel in Bucharest

The Radisson Hotel Group, one of the world's largest hotel groups, has announced Marco Eichhorn as general manager of two hotels in the Romanian capital.

Crosspoint Real Estate appointed exclusive sale agent for H Pipera Lake residential project in northern Bucharest

Crosspoint Real Estate has been appointed exclusive agent for the sale of the units in H Pipera Lake residential project, developed by Hagag Development Europe.

 
 
   
advertising

advertising

advertising

advertising

advertising

More on News
ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.

Corina Popescu is the new CEO of Electrica

The Board of Directors of Electrica, one of the most valuable companies where the state is the main stakeholder, has agreed to end the collaboration with its CEO Dan Catali...

Crosspoint Real Estate appointed exclusive sale agent for H Pipera Lake residential project in northern Bucharest

Crosspoint Real Estate has been appointed exclusive agent for the sale of the units in H Pipera Lake residential project, developed by Hagag Development Europe.

Belgian real estate developer WDP to launch new 75 million Euro projects in Romania

WDP kicked off its Investor Day in Romania by announcing an additional investment volume of around 75 million Euro, amounting to some 130,000 sqm in property, both through ...

Skanska delivers the first building of the Campus 6 office project in Bucharest

Skanska inaugurates Campus 6.1, the first completed building in Campus 6, a project that marks the expansion of Skanska Romania in the Center - West area of the capital.

President Iohannis to hold CSAT meeting on September 4 for budget revision

Romanian president Klaus Iohannis has summoned on September 4 the members of the Supreme Council of National Defence (CSAT) to approve the budget revisions for institutions...

1 Comment

New Government reshuffle in Romania to take place in October

A new reshuffle of the Government is supposed to take place in early October, according to the Socialist-Democrat Party (PSD) Liviu Dragnea. He said that, together with the...