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Romania's Petrom signs exploration deal with Spain's Repsol
February 22, 2013 / 12:26 PM / 5 years ago

Romania's Petrom signs exploration deal with Spain's Repsol

BUCHAREST, Feb 22 (Reuters) - Romania’s top oil and gas firm Petrom, majority-owned by Austria’s OMV, will partner Spanish Repsol in an onshore exploration project, it said on Friday.

Petrom said the deal is a farm-out contract giving Repsol a 49 percent working interest in four onshore blocks in central Romania where Petrom has already conducted a 3D seismic program.

“One of the major objectives of our strategy is to unlock the deep onshore exploration potential in Romania,” said Johann Pleininger, member of Petrom’s executive board, in charge of exploration and production.

“This partnership with Repsol... is an important step for evaluating the hydrocarbons potential of the four blocks.”

The two companies plan to invest around 50 million euros ($66.11 million) in exploration drilling in the next two years.

In early 2012, Exxon Mobil and Petrom discovered what could be up to 84 billion cubic metres (bcm) of conventional gas in an offshore Black Sea well, potentially OMV’s biggest gas find.

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