The rush for oil and natural gas is over 100 year-old inRomania, with some of the reserves exploited today having reachedmaturity. Five years from the privatisation of Petrom, the only oiland gas producer in Romania, Austrians at OMV, Petrom's majorityshareholder, say the biggest local company has limited chances ofboosting its hydrocarbon production, and that such reserves can befound either very deep in the ground, or deep in the Black Sea.
"The oil business is an old one in Romania, with an average ageof the Romanian oil and gas fields of 45 years. You cannot expectan old lady to run 100 metres in 10 seconds. In other words, theoil and gas production in Romania will increase only if we make abig discovery in the Black Sea, but that is a big if," explainsHelmut Langanger, a member of the OMV executive board, responsiblefor exploration and production.
"Most of the wells in Romania have been drilled down to 2000metres, with a few to 3000 and very few to 4000 meters and deeper.In the offshore a well down to 2000 metres in shallow water, costsaround 10 million dollars while a well that goes down to 4000meters or deeper is 20-30 million dollars, while in the deep watercosts may exceed 50 million dollars. This is our goal, to godeeper, which is why we intend to drill 2-3 such deep onshore wellsper year in Romania."
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