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OMV Petrom reports new gas discovery in Oltenia, South Romania

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OMV Petrom, the largest oil and gas producer in Southeastern Europe has discovered new hydrocarbon resources in Oltenia region (Gorj county), the company says în a statement.

“Over the years, the Totea gas field has been one of the main contributors in our portfolio. As with any oil and gas field, Totea has started to decline after the end of the plateau production level in 2017. The discovery of additional resources in the proximity of Totea field is great news for the potential of the area and will compensate some of this decline”, said Peter Zeilinger, OMV Petrom Executive Board member responsible for Upstream.

The drilling of the well Totea 4461 was started in January 2018 and reached final depth in September of the same year. The well was successfully tested in April 2019 up to 500,000 cubic meter of gas per day. Tie in to the Totea facilities through a new built pipeline was achieved in less than a year and the experimental production to test the potential and extent of the new accumulation has been started.

Investments in the new well and facilities amount to approx. 50 million euro. This is in addition to the 200 million euro already spent since 2011 for the development of the gas infrastructure in the Totea area. Development works included drilling of five deep gas wells and construction of the 4540 Totea surface production facilities.

Natural gas from the Totea gas field is transported via a 25 km pipeline to the Hurezani gas hub for treatment and then delivered into the National Transportation System. 

With the newly added well, the gas production from the Totea field, could provide heating for over 500,000 households.

This news release contains forward-looking statements. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects," "potential" and similar references to future periods. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Any forward-looking statement made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to publicly update any forward-looking statement, whether as a result of new information, future development or otherwise, except as may be required by law.

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