OMV Petrom has reported the discovery of a new natural gas reservoir in Romania, at Spineni, located around 70 km north-east of the city of Craiova."The 1 Spineni exploration well, drilled to a depth of approximately 4,800 metres, has confirmed the presence of natural gas and condensate, with results supported by production testing. Well tests proved a production potential of 180,000 cubic metres of natural gas and 25 cubic metres of condensate per day, or a total of 1,300 boe/day from the discovery well. The prospect was identified using data from the 3D Spineni seismic survey conducted in 2022 in the X Craiova block.Testing has confirmed that the discovery is commercially viable, the next step is the approval of the development plan," the company said in a press statement released on Thursday.For this onshore project, OMV Petrom has already invested approximately EUR 15 million during the exploration phase."In 2025, we plan to invest RON 5.8 billion in Exploration and Production, with nearly half allocated to onshore operations - while also advancing offshore Neptun Deep, a strategic project that requires large-scale investment. We continue to invest in order to contain the natural decline in production from mature fields and to pursue new near-field opportunities in proximity to our existing operations," according to Cristian Hubati, Member of the Executive Board responsible for Exploration & Production.OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual group hydrocarbon production of approximately 40 million boe in 2024.The Group is present on the oil products retail market in Romania and neighbouring countries through approximately 780 filling stations under two brands - OMV and Petrom.
President Nicusor Dan signed on Thursday the decree appointing Prime Minister Ilie Bolojan as interim Vice Prime Minister on the areas coordinated by Dragos Anastasiu, the Presidential Administration informed.On 27 July, Dragos Anastasiu announced he was stepping down from the vice prime minister office, mentioning that he could no longer accept "being denigrated and thus […]
Prime Minister Ilie Bolojan continued consultations on Thursday with representatives of the Association of Communes of Romania, telling them there is a strong chance to overcome the current difficult period if the approach of "responsibility toward public funds" is maintained."The reform of local public administration will be part of the second package of government measures […]
Financing the National Recovery and Resilience Plan (PNRR) projects will continue for those already initiated and will stop only in case investment has not begun, where not a single euro was spent for construction, Development minister Cseke Attila explained on Thursday. “PNRR will not stop, neither will financing investments which have already been initiated, […]
The Justice Ministry announced on Thursday having developed in cooperation with the Finance Ministry and the National Tax Administration Agency a set of proposals to amend the Insolvency Law, which will be included in the second reform package.Some of the amendments provide for a higher recovery rate of the taxes and fees owed by insolvent […]
Romania is in the antechamber of recession, with the risk that its economy will decline in the third or fourth quarter, especially amid an increase in taxes, a significant drop in sales and record inflation at European level, says business consultant Adrian Negrescu."We are currently in the antechamber of recession. It is a moment […]
The Ministry of Culture announced on Thursday that is set to adapt national legislation for enforcing the European Media Freedom Act (EMFA), which supports media pluralism, editorial responsibility, protects journalists from abusive surveillance and intimidation, and provides protection for sources.According to a Culture Ministry release, the implementation in Romania of Regulation (EU) 2024/1083 of the […]
