Oil & gas producer OMV Petrom has completed modernizing the Institute of Research and Design Technology (ICPT) in Campina, following a EUR 4.6 million investment.

The company has financed the project with own funds as well as European money. The non-reimbursable EU funds amounted to EUR 1.5 million.

The institute located in Campina will help the company get exact data on the geological structures and test new solutions for exploiting the existing reserves, said Gabriel Selischi, member of the OMV Petrom board.

OMV Petrom recorded losses of some EUR 10 million in the third quarter of this year, as the drop in oil prices affected the company’s operating results and forced it to also take some accounting losses related to the depreciation of its upstream assets.

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