OMV Finds New Oil Reservoir at Romanian Black Sea Offshore Well
Austrian OMV announced that it had found a new oil reservoir in Romania's Black Sea shallow-water Istria XVIII offshore perimeter.
The reservoir identified at exploration well Marina 1 was reported to have a production potential of 1,500 to 2,000 barrels of oil equivalent per day (boe/d), according to reports of OMV Petrom, as cited by money.bg.
OMV Petrom made clear it was to evaluate the results of the Marina 1 well and assess its commercial viability in the next few months, with production expected to start in 3-4 years in the case of a positive evaluation.
The oil company informed that starting oil production at the site would require an investment of over EUR 100 M.
- » Turkey Formally Opens Incirlik Air Base for Coalition Strikes on IS
- » Iraq Considers Turkish Airstrikes on PKK as Violation of Country's Sovereignty
- » Suspected Sabotage in Turkey Stops Oil Flow in Pipeline from Iraq
- » Turkey Conducts New Airstrikes on Suspected PKK Targets
- » Ukraine Adds Gerard Depardieu to 5-Year Blacklist
- » NATO Backs Turkey’s Fight Against ‘Terrorism’