# OMV Petrom makes largest crude oil discovery in decades
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-06-13
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: OMV Petrom makes largest crude oil discovery in decades
Meta Description: OMV Petrom announces major crude oil and natural gas find in southern Romania, enhancing production and securing future supply for the economy.
URL: https://financedigest.com/omv-petrom-makes-largest-crude-oil-discovery-in-decadeshtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/2023-06-13t120518z2lynxmpej5c0dhrtroptp4romania-energy-offshore-1736813885759-compressed.jpg)

# OMV Petrom makes largest crude oil discovery in decades

BUCHAREST (Reuters) -Romanian oil and gas group OMV Petrom, majority-controlled by Austria’s OMV, said on Tuesday it discovered new crude oil and natural gas deposits equal to about three quarters of its overall 2022 production.

The deposits are the largest crude oil discovery OMV Petrom has made in decades, it said, and were found in southern Romania holding over 30 million barrerls of oil equivalent (boe) of recoverable resources.

“The new discoveries will contribute to reducing the decline of our production and to the continuity of the supply of essential products for the economy,” said Cristian Hubati, a company board member responsible for exploration and production.

The discoveries were in three areas, with the largest in the Verguleasa area that is near existing production, part of a strategy of exploring near infrastructure already present.

The find comes as the company gears up for a final investment decision on a large [Black Sea offshore gas project together with state](https://www.financedigest.com/kremlin-remains-downbeat-on-state-of-black-sea-grain-deal.html "Kremlin remains downbeat on state of Black Sea grain deal") owned gas producer Romgaz.

OMV Petrom has said it expected a decision around the middle of this [year for the Neptun Deep gas project](https://www.financedigest.com/synechron-partners-with-r3-in-one-of-the-largest-distributed-ledger-consortium-projects-of-the-year.html "Synechron Partners with R3 in One of the Largest Distributed Ledger Consortium Projects of the Year"), estimated to cost around 4 billion euros ($4.32 billion). [Plans to develop the project were previously delayed by taxes](https://www.financedigest.com/tom-l-r-griffiths.html "Thomas LR Griffiths’ top 10 strategies for US tax planning") and regulations introduced without notice.

In May, Romanian lawmakers [changed the law to enforce an additional tax](https://www.financedigest.com/buy-to-let-makes-way-for-buy-to-net-as-april-tax-changes-approach.html "Buy-to-let makes way for buy-to-NET as April tax changes approach") on refined crude oil which applies to OMV Petrom.

OMV Petrom shares were up 0.65% on the day on the Bucharest [Stock Exchange](https://www.financedigest.com/london-stock-exchange-pours-cold-water-on-merging-listing-segments.html "London Stock Exchange pours cold water on merging listing segments") by 1135 GMT.

($1 = 0.9266 euros)

(Reporting by Luiza Ilie and Jason Hovet; Editing by Alan Charlish and)


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---