OMV Petrom, controlled by Austria's OMV Group, announced Wednesday that it made an oil discovery in the shallow waters of the Black Sea and that production could start in 3-4 years.
The discovery was made in the Istria area at a distance of about 60 km from the shore and at a depth of 2.1 kilometers below the seabed. Water depth in the area is 50 feet.
"The Black Sea is a very important area for OMV Petrom, an area where there is still potential for new discoveries. Currently, production from the Black Sea waters represents about 18% of the total production of the oil company in Romania" , stated Gabriel Selischi, OMV Petrom Executive Board member responsible for Exploration and Production.
If it turns profitable, the production from the newly discovered deposits could begin in 3-4 years, the costs necessary for the development are valued at over 100 million, the statement read.