BLACK SEA: NEW OIL

South eastern Europe's largest oil and gas producer OMV Petrom encountered a new oil reservoir when drilling the Marina 1 well located in the Istria XVIII offshore Perimeter in the Black Sea, according to a company statement.

Initial production tests anticipate the production potential to be 1,500 barrels of oil per day to 2,000 bpd. If OMV Petrom determines the reservoir is commercially viable, it will develop the necessary infrastructure to drill production wells. Production could begin within the next three to four years.

The Marina 1 well was drilled 196,850 feet from the shore where the water is approximately 164 feet deep. The company drilled to a depth of about 7,050 feet at a cost of more than $25 million.

The area is important to OMV Petrom - 18 percent of its hydrocarbon production comes from shallow water wells in the Black Sea like the Marina 1 well. The company is currently exploring and producing oil from five areas: the Pescarus, Lebada East, Lebada West, Sinoe and Delta reservoirs, which have a production of approximately 31,000 boe/day, according to The Diplomat Bucharest.

OMV Petrom is also working with ExxonMobil to explore the Neptun Deep Perimeter, The Diplomat Bucharest reported.

pennenergy.com