OMV Petrom finds new oil, gas deposits in southern Romania

Romania's top oil and gas group, OMV Petrom said on Tuesday that it has discovered new crude oil and natural gas resources in the southern regions of Oltenia and Muntenia, Report informs via SeeNews.

The company has invested 20 million euro ($21.6 million) in the drilling campaign, which lasted 10 months, OMV Petrom said in a press release.

The discovered deposits hold in total more than 30 million barrels of oil equivalent (boe), which is equivalent to three quarters of the group's production in 2022.

"The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy," said Cristian Hubati, member of the OMV Petrom executive board.

In Oltenia, OMV Petrom discovered resources amounting to 27 million boe, while in Muntenia resources in an estimated amount of 6 million boe were identified.

Austria's OMV Group owns a 51.157% stake in OMV Petrom; the Romanian state, via the energy ministry, owns 20.7%, and 28.145% is in free float on the Bucharest Stock Exchange and the London Stock Exchange.

Shares of blue-chip OMV Petrom traded 0.41% higher at 0.491 lei ($0.1/0.09 euro) as at 1133 CET on the Bucharest Stock Exchange.