Oil and gas company Petrom has partnered Hunt Oil Company Romania in jointly exploring the onshore areas Adjud and Urziceni East, according to Petrom.

“This partnership is […] the first joint venture for onshore exploration. […] Together with Hunt Oil Company Romania we will invest EUR 25 million in the following years within this project,” said Johann Pleininger, member of the Petrom directorate in charge with Exploration and Production.

The two companies will together start a program to gather and review new data about seismic activity to determine the opportunities to drill for oil and gas in these areas.

OMV Petrom’s net income stood at around EUR 358 million (RON 1.52 billion) in the first half of the year, which is more than four times the profit it made during the same interval last year and almost double the net profit for the entire 2009.

The company’s sales, excluding the petroleum excise tax, were of EUR 1,9 billion (RON 8.3 billion) during the first half of the year, which was 14 percent higher than the same period of 2009.

Romania-insider.com