OMV Petrom, Hunt Oil Start Experimental Gas Production at Padina
OMV Petrom, in partnership with Hunt Oil Company of Romania, announced the start of experimental gas production from the Padina field.
Output at the field stems from the Padina North 1 well, which was drilled in 2014. The site also features newly built production facilities including gas separators, gas treatment and gas measurement systems, pipelines ensuring connectivity to the national transport system and liquid product storage facilities.
The total investments made by the two partners between 2014-2016 for the Padina North 1 project amount to approximatively $18 million (EUR 17 million). Average gross gas and condensate production has stabilized at the site at around 1,900 barrels of oil equivalent per day, which is in line with initial estimations.
"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,” Peter Zeilinger, member of OMV Petrom’s executive board, said.
Experimental production at Padina is expected to last around 12 months. The purpose of the experimental production is to collect data that will define the technical and economical details for the decision to pursue the development of the field.