Romanian Oil Co Petrom Discovers Oil, Gas In Russia

Also, the production registered in the first three layers of the exploration well totals 6,500 barrels of oil equivalent per day (boe/day).

The 3,800-meters Lugovaya well delivers over 2,500 bpd of crude oil, 550,000 cubic meters/day of gas and 75 cubic meters/day of condensate.

Petrom entered Russia in 2006 by acquiring a 74.9% majority in Ring Oil Holding & Trading and explored eight blocks in the Saratov region, 1,000 km southeast of Moscow, and in the area of Komi, 1,200 km northeast of Moscow.

Petrom’s crude oil and gas production was of 71 million boe in 2008. The company has exploration license for 15 onshore perimeters and two offshore perimeters in Romania, totaling 59,100 square kilometers.

Also, the company reported a joint oil and gas production of 188,476 boe/day in 2008, down 2.4% from 192,500 boe/day in 2007.

At the end of 2008, Petrom’s proven reserves of crude oil and gas were at 872 million boe, with 843 million boe in Romania.

On Friday, Petrom shares on the Bucharest Stock Exchange closed up 0.78% on the day, at 0.253 lei (EUR1=RON4.2116) per share.

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