OMV Petrom redevelops Tazlau oil field. Investment amounts to 30 mln euro

OMV Petrom seeks to unlock oil reserves of 3.2 million barrels by redeveloping the Tazlau oil field located in north-eastern Romania, the Bacau County. The project will be implemented between 2014 and 2015 and it requires investment of about 30 million euro, the oil and gas producer announces.

“This project will help 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”, commented Gabriel Selischi, member of the company’s Executive Board, responsible for exploration and production.

According to OMV Petrom, the targeted oil field, a mature one, producing for over 60 years, accounts for less than 1 percent of the total daily production in Romania, the redevelopment initiative being aimed at increasing oil recovery by produced water injection.

The Tazlau project consists of 20 major repairs operations, the construction of water treatment facilities and a new water distribution network which are expected to unlock additional oil reserves of 3.2 million barrels – equivalent to some 10 percent of the company’s annual domestic oil production, thus replacing the natural decline, reads the said press release.

OMV Petrom ended last year with 11 ongoing field redevelopment projects, whose future implementation requires cumulated investments of more than 500 million euro, while the supplementary oil reserves which will be obtained amount to approximately 100 million barrels of oil equivalent.