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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.



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