OMV Petrom, the largest Romanian energy company, started new offshore drilling campaign in the shallow waters of the Istria block in the Black Sea. Two new wells will be drilled by the end of the year, requiring investments of over 30 million euro.

“We are committed to Romania and we invest significant amounts to secure Romania’s energy supply. The Istria block in the shallow waters of the Black Sea has a history of over 30 years of oil and gas production. Although fields are mature and reached their plateau production years ago, sustained investment and adequate engineering solutions enable us to unlock additional resources and to mitigate production decline”, said Peter Zeilinger, member of OMV Petrom’s Executive Board responsible for Upstream.

The two wells will be drilled at over 2,000 meters below the seabed, in water depths of approximately 50 meters. They target additional production from the Lebada East field (oil and associated gas), discovered in 1979.

This offshore drilling campaign comes in continuation of investment projects for offshore production in the shallow waters of the Black Sea: over 350 million euro were invested between 2014 and 2018, including drilling ten new production wells and sidetracks, upgrading the gas compressor system and modernizing production facilities.