Petrom makes 7.7 bln euros in investments in 7 years

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Petrom has invested 7.7 billion euros in the last seven years and in 2012 it plans to make a billion euros worth of investments, which are to be approved in the Shareholders General Meeting in April, told the oil company’s managing director Mariana Gheorghe .

‘We focused on what our (main) business is, namely oil and gas exoploration and production and then we looked towards midstream and downstream so as to increase the value of these primary products, the oil and gas, on the adjacent markets, such as refining and marketing for crude and electricity for gas’, Gheorghe explained.

The company this year aims to complete drilling the first in-depth exploration well in the Romanian Black Sea area located in the Neptun block, a phase to be conducted alongside ExxonMobil Exploration and Production Romania Limited.

Also in 2012, Petrom will evaluate Totea-located deposit, which might confirm the most important onshore gas discovery in Romania in the last six years, the company CEO announced.

Petrom’s efforts in Kazakhstan will focus on Komsomolskoye deposit using artificial drilling facilities, water injection and digging new productive wells.

As regards the gas and energy sector (G&E), Petrom Group announces that it will commercially operate the power station at Brazi, southern Romania after mid-2012. Commissioning Brazi power station and the Dorobantu wind farm, which is already being commercially used, will mark 2012 as the first operational year of Petrom in the electricity sector, Gheorghe said.

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