Oil and gas discovery in Buzau County: potentially the largest one in the region in the last 30 years

OMV Petrom and Hunt Oil have found a new oil and gas field in the south of the Buzau County, possibly the largest discovery in the last 30 years in the Muntenia region, following investments of 5 million euro in exploration operations in the area.

The field was discovered in Perimeter VIII Urziceni Est at a depth of over 2,500 meters, being located approximately 7-12 km away from the mature fields, operational for more than 50 years, states a press release of OMV Petrom

According to the company's estimations based on production tests, the potential production per well is 1,200 to 2,100 boe per day from two geological layers.

“It is potentially the largest discovery in the past 30 years in the Muntenia region. This year we have made the largest exploration investments since privatization. It is important to continue exploration activities, as 90 percent of fields we are operating are mature ones and reached their production peak years ago. Currently, we supply about 40 percent of Romania's oil and gas demand”, said Gabriel Selischi, member of OMV Executive Board, responsible for Exploration and Production.

The discovery was made within the onshore exploration partnership concluded in 2010 by OMV Petrom and Hunt Oil which targets two perimeters: I Adjud and VIII Urziceni Est, with Hunt Oil acting as operator.

In the next period, the two companies will continue testing operations to determine production potential of the discovery and will be acquiring seismic data in the region.