OMV Petrom, the largest oil and gas producer in Southeastern Europe, in partnership with Hunt Oil Company of Romania (Hunt Oil), announces start of experimental gas production from Padina field (Southern Buzău County), discovered end of 2014, according to the OMV Petrom press release. Exploration investments that led to this discovery amounts to about EUR 5 million.

“The start of production at Padina field shows our commitment to continue investments for projects which prove viable, despite the unfavorable context due to the low crude and gas prices. With a portfolio consisting mostly of mature fields, Romania needs investments in order to continue oil and gas production”, said Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream.

The production comes from Padina North 1 well, drilled in 2014, along with other newly built production facilities: gas separators, gas treatment and gas measurement systems, pipelines ensuring connectivity to the national transport system and liquid products storage facilities.

The total investments made by the two partners between 2014-2016 for the Padina North 1 project amount to approximatively EUR 17 million. The construction works for production facilities were finalized in just seven months, the OMV Petrom press release said.

With an average gross gas and condensate production stabilized at approx. 1,900 boe/day, in line with initial estimations, Padina North 1 well currently ranks among top wells in OMV Petrom’s portfolio.

In 2010, OMV Petrom signed a partnership with Hunt Oil for the exploration and development of onshore blocks Adjud and Urziceni East, each partner having a 50 percent interest, with Hunt Oil being the operator.

With more than 80 years of leadership in the exploration and production industry, is one of the largest privately held companies in the United States, operating both domestically and internationally.