REG - OMV Petrom S.A. - OMV Petrom discovered crude oil and natural gas

OMV Petrom SAAnnouncement

13/06/2023 10:45

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RNS Number : 5565C  OMV Petrom S.A.  13 June 2023

OMV Petrom S.A.

Investor News

13 June 2023

 

OMV Petrom has discovered new crude oil and natural gas resources in Romania

 

►  The investment in the exploration drilling campaign was around EUR 20
million

 

OMV Petrom, the largest integrated energy company in Southeast Europe,
announces the discovery of new crude oil and natural gas resources in the
Oltenia and Muntenia regions of southern Romania. Cumulatively, the discovered
deposits hold over 30 million boe of recoverable resources, equivalent to
around three quarters of OMV Petrom's 2022 production.

 

Exploration drilling and testing of these three wells took place between June
2022 and April 2023. The company has invested around EUR 20 mn in the
exploration drilling campaign.

 

Cristian Hubati, member of the OMV Petrom Executive Board, responsible for the
Exploration and Production activities: "Romania has been producing crude oil
and natural gas for over 150 years, and under these conditions, identifying
new resources requires a significant effort. The new discoveries will
contribute to reducing the decline of our production and to the continuity of
the supply of essential products for the economy."

One of the discoveries made by OMV Petrom was in the Verguleasa exploration
area, in the Oltenia region. The company has identified crude oil resources
totaling around 20 million boe, representing OMV Petrom's largest crude oil
discovery in decades. The discovery is in the vicinity of another production
area, which will offer synergies by facilitating a faster start of production.

Another discovery took place in the Târgoviște exploration block, where
crude oil resources were identified in an estimated amount of 6 million boe.
Successful testing was carried out in April 2023 and pre-exploitation work is
in preparation.

A third discovery was made in the Târgu Jiu exploration block. Natural gas
resources of 7 million boe were identified, equivalent to almost one third of
Romania's natural gas production in 2022. One follow-up well is already
planned for next year and preparations for a tie-in are ongoing.

 

All discoveries are the result of the company's exploration strategy focusing
on near-field opportunities located close to existing infrastructure, which
facilitates quick development, tie-ins and early production of newly found
resources.

 

About OMV Petrom

OMV Petrom is the largest integrated energy company in South-Eastern Europe,
with an annual Group hydrocarbon production of approximately 43 million boe in
2022. The Group has a refining capacity of 4.5 million tons annually and
operates an 860 MW high-efficiency power plant. The Group is present on the
oil products retail market in Romania and neighboring countries through
approximately 780 filling stations under two brands - OMV and Petrom.

OMV Petrom is a company in which Romanian shareholders hold over 42% of the
shares (of which the Romanian state, through the Ministry of Energy, holds
20.7%, and 21.7% are owned by pension funds in Romania, to which are added
almost 500,000 individual investors and other Romanian entities). OMV
Aktiengesellschaft, one of the largest listed industrial companies in Austria,
holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other
foreign investors. Of the total shares of OMV Petrom, 28.1% represents the
free float on the Bucharest Stock Exchange and the London Stock Exchange.

OMV Petrom is the largest contributor to the state budget, with approximately
39 billion euro in taxes and dividends paid between 2005 and 2022. During the
same period, the company invested approximately 17 billion euro. In 2022, the
taxes paid by OMV Petrom ensured 7% of Romania's tax revenues.

Since 2007, OMV Petrom has included corporate responsibility principles into
its business strategy. Between 2007 and 2022, the company has allocated around
120 million euro to develop communities in Romania, focusing on environmental
protection, education, health, and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations
issued by the Task Force on Climate-related Financial Disclosures (TCFD)
regarding risks and opportunities on climate change. OMV Petrom annually
reports on the progress made in implementing these recommendations.

 

 

Contact:

OMV Petrom Investor Relations

Tel: +40 372 161930, Fax: +40 372 868518

e-mail: investor.relations.petrom@petrom.com
(mailto:investor.relations.petrom@petrom.com)

 

 

 

 

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