Oil and gas producer OMV Petrom announced it would start the redevelopment project of the Tazlau oil field, located in the North Eastern Romania, in Bacau County. The project entails investments of around EUR 30 million during 2014 – 2015.

Tazlau is a mature oil field, producing for more than 60 years, with a daily production of below 1 percent of the total oil production of OMV Petrom in Romania.

The purpose of the field redevelopment is to increase oil recovery in Tazlau field by produced water injection. The Tazlau redevelopment project consists of 20 workover operations, the construction of water treatment facilities and a new water distribution network. This project is expected to unlock additional oil reserves of 3.2 million bbl (equivalent to around 10 percent of OMV Petrom’s annual oil production in Romania), replacing the natural decline.

“This project will contribute to our strategic objective of stabilizing production levels in Romania while the additional reserves unlocked by this investment will strengthen OMV Petrom’s contribution to Romania’s long term security of supply,” said Gabriel Selischi, member of OMV Petrom Executive Board, responsible for Exploration and Production.

At the end of 2013, 11 field redevelopment projects were in development phase. The future investments planned for the implementation of these projects amount to over EUR 500 million and the proved and probable reserves amount to around 100 million boe (barrels of oil equivalent).

OMV Petrom is the largest integrated oil and gas group in South-eastern Europe, with an annual oil and gas production of approximately 66 mn boe. The group has a refining capacity of 4.2 million tons/year and owns an 860 MW high efficiency power plant and a 45 MW wind park.

OMV Petrom is present on the oil products retail markets in Romania and neighboring countries through approximately 800 filling stations.

OMV, Austria’s largest listed industrial company, holds a 51.01 percent share in OMV Petrom. The Romanian state, via the Ministry of Economy, holds 20.64 percent of OMV Petrom shares, the Property Fund holds 18.99 percent and 9.36 percent is free float on the Bucharest Stock Exchange.