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OMV Petrom to redevelop Tazlau oil field

South-eastern Europe's largest oil and gas producer, OMV Petrom, has announced it is to begin redevelopment of the Tazlau oil field in north-eastern Romania.

The field, located in Bacau County, will receive an investment of around €30 million over the next 12 months, as OMV Petrom aims to boost output at the 60-year-old site.

Currently, daily production at Tazlau is less than one per cent of OMV Petrom's total oil production in Romania, but it is hoped the redevelopment will increase oil recovery through produced water injection.
 

Unlocking potential

In a statement, OMV Petrom said the redevelopment project will comprise more than 20 workover operations, as well as construction of water treatment facilities and a new water distribution network.

It is estimated that the project will unlock additional oil reserves of around 3.2 million barrels of oil, which is equivalent to around ten per cent of OMV Petrom’s annual oil production in Romania - not only halting the natural decline, but multiplying production tenfold.

Gabriel Selischi, a member of the OMV Petrom Executive Board responsible for Exploration and Production, commented: "This project will contribute to our strategic objective of stabilising production levels in Romania while the additional reserves unlocked by this investment will strengthen OMV Petrom’s contribution to Romania’s long term security of supply."
 

Untapped resources

At the end of last year, 11 field redevelopment projects were in the development phase, with the future investment earmarked for the implementation of these new schemes amounting to half a billion euros million and tapping probable reserves of around 100 million barrels of oil equivalent.

OMV Petrom is also set to give up 30 of its onshore oil deposits, which currently only contribute 0.6 per cent of the company’s total oil production, and which the company says may be interesting for other companies that could use different technologies to improve their own performance.

The news comes against the backdrop of the third Romania Oil & Gas Conference in Bucharest, which is taking place on November 18th and 19th, with the OVM Petrom development likely to be a key discussion point among delegates.

Other major topics include current and future developments in the sector, and emerging opportunities for international oil and gas companies within the Romanian domestic energy market.


Related Events

Event15 May

OGU Conference 2..

15-16 May, 2019
UZBEKISTAN

TASHKENT, UZBEKISTAN
Venue: UZEXPOCENTRE

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