Late last year, the company signed a deal with the largest company in the field, ExxonMobil, to explore gas reserves along the Black Sea shore. If successful, this agreement could lead to a significant increase in the company’s natural gas production, in addition to its oil production. According to the latest data available, Petrom gas production declined 3 percent after the third quarter of 2008. In 2007, it produced a total 5.75 billion cubic meters. At a price tag of some $205 in Q3 2008, according to the company report, Petrom would have an extra $78 million following the increase in gas production, according to Business Standard calculations.
Pleininger told Business Standard that Petrom is also testing two gas exploration probes. Speaking of the impact of the financial crisis on the company’s E&P plan, he added that Petrom will lower exploration costs, but will continue developing and modernizing valuable deposits. “Infrastructure modernization will be rescheduled. The division projects will be postponed, but not canceled,” he added.
Petrom recently announced that it obtained €500 million in revolving financing from its major shareholder, Austrian OMV group.
