Romanian Oil Company Invests EUR 30 MLN Anually to Explore Gas in Georgia and Bulgaria

Romanian integrated oil company OMV Petrom won an oil exploration license on the Black Sea shelf by the tender on March 10, 2021.

The existing agreement obtains the rights to carry out oil and gas exploration activities on a total area of 5,282 square kilometres.

OMV Petrom has published a long-term development strategy, stating that the company will invest EUR 30 million annually in oil and gas exploration in Georgia and Bulgaria until 2030.

“OMV Petrom’s Exploration and Production regional expansion until 2030 focuses on the Black Sea area, which is estimated to hold significant resources.

The company’s current estimate in terms of recoverable resources is around 50 bcm and CAPEX is expected to be less than EUR 2 billion.

The plateau production is estimated at around 70 kboe/day net to OMV Petrom.