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OMV Petrom to invest 25m euros to seek new deposits

"OMV Petrom (SNP), Romania's biggest company, is set to invest 25m euros in the coming years to explore two perimeters around Adjud and Urziceni towns.
To this end, the company has forged a partnership with Hunt Oil US group, one of the world's biggest independent oil companies.
"This partnership is a major step in our activity, being the first joint venture for onshore exploration. Together with Hunt Oil Company Romania, we will invest around 25m euros in the following years in this project," stated Johann Pleininger, a member of Petrom board of directors, in charge with exploration and production.

The partnership may bring fresh business for domestic companies operating in the field of oil exploration.
OMV Petrom also sealed a partnership with Exxon oil giant to explore a Black Sea perimeter. The company is trying to uncover new deposits to stabilise its Romanian oil production, which has declined in recent years. In the first half, Petrom produced 184,000 oil and gas barrels per day, down 3% from a year ago on the natural decline of production in Romania." writen by Andrei Chirileasa