Romania's top oil and gas group, OMV Petrom, said on Thursday it will
invest around 30 million euro ($37.4 million) by the end of 2015 in the
development of Tazlau oil field, in the northeastern county
ofBacau.
This projectis expected tounlock
additionaloilreservesof3.2millionoil barrels,equivalent to around10% of
OMV Petrom’sannual oil productionin Romania, replacing the natural decline,
the company said in a statement.
"This project willcontributetoour
strategic objective of stabilizingproduction levelsin Romania while the
additional reserves unlockedby this investment will strengthen OMV Petrom’s
contribution to Romania’s long term security ofsupply,” saidGabriel
Selischi,member of OMV Petrom Executive Board, responsible for Exploration and
Production.
Tazlauis a mature oil field,producingformore than60
years,with a daily production ofbelow1.0% of thetotal oil production of OMV
Petrom in Romania.The purpose of the field redevelopment is toincrease oil
recovery byproducedwaterinjection.Theredevelopment projectconsists of 20
workover operations,the construction of watertreatmentfacilitiesanda
newwaterdistribution network.
At the end of 2013, 11 field
redevelopment projects were in development phase.
Thefutureinvestmentsplannedfor the implementation of these projects amount
to more than 500 million euroand the proved andprobable reserves total around
100 million barrels of oil equivalent, OMV Petrom added.