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    OMV’s Romanian Affiliate Wins Black Sea Block

Summary

Seismic to precede drilling.

by: Dale Lunan

Posted in:

Complimentary, Corporate, Exploration & Production, OMV Petrom, Ministries, Licensing rounds, Balkans/SEE Focus, News By Country, Georgia, Romania

OMV’s Romanian Affiliate Wins Black Sea Block

Romania’s OMV Petrom has been awarded a tender for the Block II license in the Georgia sector of the Black Sea, SeeNews group reported June 26, citing Georgia’s State Agency of Oil and Gas.

Prior to drilling, OMV will conduct 2-D and 3-D seismic programmes around the perimeter of the block, the agency said, adding that drilling costs will depend on exploration results.

OMV Petrom is the largest energy company in southeast Europe, with annual production in 2019 of some 55.4mn barrels of oil equivalent (boe) and refining capacity of 4.5mn mt/yr. It is owned 51.011% by Austria’s OMV, 20.639% by the state of Romania, through its energy ministry, and 9.998% by Fondul Proprietatea, a Romanian closed-end investment fund. The remaining 18.352% is traded on the Bucharest and London stock exchanges.