Romanian group OMV Petrom, the largest oil and gas producer in South-Eastern Europe, announced a EUR 42 million investment program in the redevelopment of its Independenta oil field in Galati county, in Eastern Romania.

The new investments should unlock additional oil reserves from this deposit, one of the company’s most important fields. In 2014, the Independenta field produced some 7% of Petrom’s oil output in Romania.

The group has already invested EUR 10 million in various specific studies, between 2012 and 2014, and started the redevelopment execution last year.

“Continued investments in Upstream are essential for ensuring oil and gas production for Romania, given that we operate a portfolio of fields with an average annual natural decline rate of around 10%. However, in 2015, the investments will reflect deteriorated market conditions and volatile environment. Regarding field redevelopment projects, they will be prioritized and some of them re-engineered," said Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Upstream.

OMV Petrom had in its portfolio 12 redevelopment projects ongoing, covering gas and oil fields, both onshore and offshore, at the end of 2014.

editor@romania-insider.com