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Petrom additional offshore production (positive)

Petrom announced today additional Romanian offshore production of more than 300,000 boe this year. The application of the hydraulic fracturing technology will enable the company to produce the additional quantities.

After this technology brought good results at two initial wells in the Lebada West field (Histria offshore block), it was applied at two other ones in Lebada East and an additional one in Lebada West. Petrom currently operates five offshore fields in two blocks, which account for roughly 18% of the company's Romanian production.

We qualify the news positive, because it delivers proof that Petrom is intensifying its offshore operations. Combined with the likely acquisition of new offshore exploration licenses in Romania in the near future, we believe that the offshore activities will be an increasingly important contributor to Petrom's upstream performance. We expect a positive market reaction.

Sursa: http://www.actmedia.eu

Tags: offshore additional petrom positive production

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