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Petrom reports first strike of oil and gas field in Russia

Romanian Company Petrom, the biggest oil and gas producer in South-Eastern Europe, has confirmed the discovery of gas and crude on Lugovaya-1 oil well included in Kamenski licence in the Russian region Saratov, the company announced in a press release.

Drilling at Lugovaya-1 was 3,882 meter deep. According to Petrom, the early tests are encouraging, showing an output rate of more than 2,500 bbl per day of light crude in one of the layers.

Two gas deposits have produced a combined 550,000 cubic metres of gas per day and 75 cubic metres of condensed per day (4,000 boe per day).

Such drilling success and the high output rates in particular are very encouraging and confirm the concepts developed in partnership with the Russian colleagues by a joint team of geologists, said Petrom Board of Directors member Johann Pleininger, who is responsible for Prospecting and Production.

Petrom entered Russia in 2006 by acquiring a 74.9 majority stake in Ring Oil Holding&Trading Ltd. and it prospected for oil together with the minority shareholder on eight sites in Saratov (1,000 km southeast of Moscow) and in Komi, some 1,200 km northeast of Moscow.

Petrom is the biggest Romanian oil and gas company carrying out activities on Prospecting and Production, Refining and Marketing, Natural Gas and Energy.

Petrom is drilling proved oil and gas reserves put at 0.9 billion barrels of oil equivalent, it has a maximum annual refining capacity of 8 million tonnes and operates roughly 550 fuel distribution stations in Romania.

The company also owns an international 269 petrol station network in the Republic of Moldova, Bulgaria and Serbia.
Last year, Petrom posted 4.552 billion euros in turnover, while the EBITDA indicator (earnings before interest, taxes, depreciation and amortization) stood at 969 million euros.

OMV energy group holds a 51.01 percent stake in Petrom. OMV operates in 13 Central European states in Refining and Marketing and in 17 countries in six basic regions in Prospecting and Production.

The economy ministry holds 20.64 percent of Petrom shares, Fondul Proprietatea fund holds 20.11 percent, the European Bank for Reconstruction and Development holds 2.03 percent and the minority shareholders own 6.21 percent.


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