Petrom starts production in two new offshore oil wells

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Petrom started production in the recently drilled offshore oil wells Delta 6 and Lebada Vest 4, both deposits being located in the Histria XVIII block in the Black Sea, according to a release issued by the above-mentioned company.
The current production of the Delta 6 well is 2,200 barrels of oil equivalent a day and it is estimated that the maximum production (3,400 barrels a day) will be made in the fourth quarter 2009.

The current additional production of the newly drilled Lebada Vest well is 900 boe a day.
The potential of hydrocarbons of the Delta offshore deposit was confirmed in 2007 by the results they got in the Delta 4 test well. In 2008 they reevaluated the development of the deposit in order to diminish risks and the level of the necessary investments. This is why they decided to drill Delta 6.

Delta 6 began production by means of the Petrom installations on Platform 7 in the first part of the third quarter 2009. Currently the well produces little, about 2,200 boe a day, until the surface installations are extended. The maximum production rate (3,400 boe a day) is estimated to be made in the fourth quarter 2009.

The experience they acquired when drilling the Delta 6 well was successfully applied to another newly drilled well, Lebada Vest 4, which started producing in late August. Lebada Vest 4 produces 900 boe a day at present.

The results of the tests they got so far confirmed the potential of both wells, they will produce together more than 4,500 boe a day by the end of 2009.
Currently the cumulated production of the two new wells accounts for about 10 percent of the offshore daily production of Petrom, namely 32,000 boe a day.

If the maximum production is made, Petrom will be able to increase production in the offshore installations to more than 33,000 boe a day and prolong the period the installations can be used.

The exploration of the Romanian continental shelf of the Black Sea started in 1969. The first discovery of hydrocarbons was made in 1980 and the first production at sea started in 1987.

At present Petrom operates two offshore perimeters (Istria XVIII and Neptun XIX), which cover an area of 13,880 square kilometres.
Petrom currently produces five commercial deposits (Lebada Est, Lebada Vest, Sinoe, Pescarus and Delta) on the continental shelf. The present-day production amounts to about 18 percent of the production Petrom makes in Romania.

Petrom is the largest Romanian oil and gas company working in exploration and production, refining and marketing, natural gas and energy. Petrom exploits oil and gas reserves estimated at 0.9 billion barrels of oil equivalent, has a maximum annual capacity of eight million tonnes and about 550 fuel distribution stations in Romania.

The company mentioned before also has an international network consisting of 269 petrol stations located in the Republic of Moldova, Bulgaria and Serbia. In 2008 Petrom posted 4.552 billion euros in turnover, and the EBIDTA (Earnings Before Interest, Taxes, Depreciation and Amortization) was 969 million euros.

OMV owns 51.01 percent of the Petrom shares. OMV works in 13 Central European countries in refining and marketing and in 17 countries of six basic regions in exploration and production. The Ministry of Economy owns 20.64 percent of the Petrom shares, the Proprietatea Fund owns 20.11 percent, the European Bank for Reconstruction and Development, 2.03 percent, and minority shareholders have 6.21 percent.

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