OMV Petrom Discovers Significant Oil and Gas Reserves in Romania, Accounting for Three-Quarters of 2022 Production

OMV Petrom, a Romanian oil company, has discovered significant oil and gas reserves, accounting for three-quarters of its total production in 2022.

The deposits were discovered around Verguleasa, Târgu Jiu and Târgoviște in the counties of Oltenia and Muntenia, where OMV Petrom has already started mining operations.

This is the company’s biggest find for many years. It is estimated to contain around 30 million barrels of oil.

The new deposits will help us avoid reducing our production, said Cristian Hubati, board member of OMV Petrom, in an interview with Reuters.

The largest amounts of the raw material were found in the area of ​​Verguleasa. OMV Petrom conducted exploration in three locations from June 2022 to April 2023, and the cost of the project amounted to almost EUR 20 million.

The Austrian concern Austria OMV holds a majority controlling stake in this Romanian company. Following the announcement of the discovery, shares of OMV Petrom on the Bucharest Stock Exchange rose 0.65 percent.

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