OMV Petrom starts first 3D seismic campaign in shallow water, in Black Sea Neptun Block

OMV Petrom starts the first exploration campaign in the shallow water sector of Neptun block, in the Black Sea, being the sole holder of an exploration license for this sector, according to a press release of the company

The 3D seismic campaign in the shallow water sector of Neptun block is conducted on an area of 1,600 square kilometres.


'Our exploration activities in the Black Sea region cover both the deep water sector, operated in partnership with ExxonMobil, as well as the shallow water sector, operated only by OMV Petrom. Although the exploration activity in the Black Sea started approximately 40 years ago, it is now, by using the latest technologies, that OMV Petrom has the possibility to obtain more data about the hydrocarbon potential. Both offshore exploration - deep or shallow water - as well as onshore exploration, account for an important share in our business, an importance that is translated into an annual budget of approximately 160 million euros', announced Johann Pleininger, member of OMV Petrom executive board, responsible for exploration and production.


The Neptun block covers an area of approximately 9,900 square kilometres in water depths ranging from 50 to 1,700 meters. In November 2008, ExxonMobil acquired a 50 percent interest in the deep water sector of the Neptun block. OMV Petrom is the sole owner of the exploration license for the shallow water sector.


Exploration in the shallow Neptun block began before 2005 and has intensified since 2008. Exploration activities included the drilling of two wells (non-commercial results) and a 2D seismic acquisition campaign.


The 3D seismic acquisition works will be carried out with the Oceanic Champion ship, operated by the company CGG Veritas. The Oceanic Champion ship has a length of approximately 106 meters and a width of 22 meters and is equipped with seismic and modern positioning devices. For seismic acquisition eight cables in length of six kilometers are used, located at a distance of 100 meters.


Estimated duration of the works of seismic acquisition is about 60 days.


Simultaneously, OMV Petrom and ExxonMobil conduct the largest 3D seismic acquisition campaign in the Black Sea deep water in the Neptun block, on an area of about 6,000 sq km.


Exploring Romania's continental shelf in the Black Sea was started even in 1969. The first oil discovery was made in 1980 and the first offshore production began in 1987. Currently, OMV Petrom operates on two offshore blocks (Istria XVIII and Neptun XIX), totaling an area of 12,320 sq km. OMV Petrom currently produces on the shelf, in five business fields - Lebada Est, Lebada Vest, Sinoe, Pescarus and Delta. Production now is about 30,000 boe / day, which represents approximately 17 percent of OMV Petrom production in Romania.


Petrom is the largest oil and gas group in Southeastern Europe, with activities in the business segments of Exploration and Production, Gas and Power, Refining and Marketing. The Group consolidated its position in the petroleum market in South East following a process of modernization and efficiency rendering, and for its implementation investments of over 7.7 billion euros were made in the past seven years. The Group exploits in Romania and Kazakhstan proved oil and gas deposits estimated at 812 million barrels of oil equivalent (786 million boe in Romania) and has a maximum annual refining capacity of 4.2 million tons.


On the petroleum products distribution market, Petrom is present in Romania, Republic of Moldova, Bulgaria and Serbia, through a network of about 800 stations, operated under two brands, Petrom and OMV.


In 2011, the group turnover was 5.336 billion euros and EBIT (Earnings before interest and taxes) was 1.165 billion euros.


OMV holds 51.01 percent of Petrom stock. In Exploration and Production, OMV is active in two basic countries, Romania and Austria, and holds a balanced international portfolio.


The Ministry of Economy, Commerce and Business Environment (MECMA) of Romania holds 20.64 percent of Petrom stock, Proprietatea Fund owns 20.11 percent, the European Bank for Reconstruction and Development 1.62 percent and 6.62 percent is freely traded on Bucharest Stock Exchange.