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.
- » Greece's SYRIZA, Independent Greeks Agree to Form New Gov't
- » Macedonia's Foreign Minister Visiting Albania to Boost Cooperation
- » SYRIZA Vows to Avoid Grexit as Talks Begin with Independent Greeks
- » Islamic State Claims to Have Killed One Japanese Hostage
- » SYRIZA, Independent Greeks 'Might Form Greece Gov't' Monday
- » Greek Election Results Prompt Mixed Reaction across Europe