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OMV Petrom Made One of the Largest Crude Oil Discovery’s in Decades

26 June 23

A large finding of crude oil and natural gas resources has been made in southern Romania, according to the oil and gas business OMV Petrom, which is majority owned by Austria’s OMV. The greatest crude oil discovery for OMV Petrom in decades, these recently found resources are predicted to account for around three-quarters of the company’s total output in 2022. Over 30 million barrels of recoverable resources can be found in the deposits.

OMV Petrom board member Cristian Hubati, who is in charge of exploration and production, expressed confidence about the finding, saying that it will help slow the fall in output and provide a steady supply of crucial goods for the economy. The greatest deposit was discovered in the Verguleasa region, where the business strategically concentrated its exploration efforts.

This finding was made while OMV Petrom and Romgaz, a state-owned gas producer, were getting ready to make a final investment decision on a big offshore gas project in the Black Sea. A decision on the Neptun Deep gas project, with an estimated cost of $4.32 billion, is anticipated by the middle of this year. Plans for the project, however, have already experienced delays because of unanticipated taxes and restrictions.

This finding may have a huge effect on the world oil market. OMV Petrom may enhance its production capacity as a result of the significant number of recoverable resources that have been discovered, which will help the world’s oil supply generally. It may have an impact on domestic and global oil prices depending on the size and effectiveness of their activities. Furthermore, OMV Petrom’s productive exploration efforts may encourage other investment and exploration operations in the area, promoting economic development and the expansion of Romania’s energy sector.

By 11:35 GMT following the announcement, OMV Petrom’s shares on the Bucharest Stock Exchange had marginally increased by 0.65%, reflecting a favorable market reaction to the company’s most recent finding.

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