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NEWS RELEASE – May 15, 2007
Werner Ladwein, member of the Executive Board of Petrom, responsible for Exploration and Production: “The modern technologies that we implemented, especially the 3D and 2D seismic technology, are the basis of this early exploration success. Following our exploration strategy we started the intense seismic programs in 2005 and launched the new exploration drilling campaign at the end of 2006. The Torcesti discovery was one of the first wells of this campaign and that proves that we are on the right track. We will continue to invest in modern technologies on a large scale. Only this year, half of the investment budget of Petrom, namely 1 billion euros, will be used in upstream”
The mentioned results were reported at the 570 Torces¸ti well, as part of the activities performed at the exploration block I Adjud, near the city of Focs¸ani. The Torces¸ti well was spud end of 2006 and drilled to a depth of 2986 m. In order to assess the commerciality of the field, new 250 km of 2D seismic has been already acquired and drilling will be continued.
Petrom currently assesses the tie-in options into the nearby existing export infrastructure.
Following the prove of this new exploration concept, Petrom identified new exploration opportunities in the area and further exploration activities will be carried out.
Exploration and Production a core segment for the company’s growth
For 2006 the level of the total oil and gas production was of 73.06 mn boe, namely 4.78 mn tons of crude and condensate and 5.93 bn cubic meters of natural gas. The production of crude in Kazakhstan was of 1.6 million boe.