OMV Petrom, an integrated energy company based in Bucharest, has made significant discoveries of crude oil and natural gas resources in southern Romania’s Oltenia and Muntenia regions, as announced on Tuesday. The company revealed that the exploration efforts resulted in the identification of over 30 million barrels of oil equivalent (MMboe) in recoverable resources. This volume is equivalent to approximately three-quarters of OMV Petrom’s production in 2022. To achieve these findings, OMV Petrom invested $21.56 million (EUR 20 million) in drilling and testing three wells between June 2022 and April 2023. In the Verguleasa exploration area, situated in the Oltenia region, OMV Petrom discovered crude oil resources totaling around 20 MMboe. This discovery is noteworthy as it represents the company’s largest crude oil find in several decades. Moreover, it is located in close proximity to another production area, offering synergistic benefits and facilitating a faster commencement of production. Within the Targoviște exploration block, OMV Petrom identified crude oil resources amounting to approximately six MMboe. Additionally, the company discovered natural gas resources of seven MMboe in the Targu jiu exploration block, which is equivalent to nearly one third of Romania’s natural gas production in 2022. Cristian Hubati, an Executive Board Member of OMV Petrom, expressed that these new discoveries will help mitigate production decline and ensure a consistent supply of essential products for the economy. OMV Petrom’s exploration strategy concentrates on near-field opportunities close to existing infrastructure. This approach facilitates rapid development, integration, and early production of newly discovered resources, as highlighted in the company’s press release. In a previous announcement, OMV Petrom disclosed the signing of a financing contract for the construction of a water electrolysis-based hydrogen production facility at its Petrobrazi refinery. This initiative is part of Romania’s National Plan for Recovery and Resilience. Under the agreement, Romania’s energy ministry will finance the project with a maximum amount of $42.05 million (EUR 39 million), while the total investment for the project is estimated to be around $79.79 million (EUR 74 million). The next step for OMV Petrom involves initiating a public tender for the acquisition of an electrolyzer. The final investment decision is scheduled for 2024, with project completion anticipated in 2025. The project aims to achieve a hydrogen production capacity of 20 MW through water electrolysis, powered entirely by renewable energy sources. OMV Petrom predicts an annual production of over 2,600 tons of green hydrogen from this project, resulting in a reduction of at least 70 percent in carbon dioxide emissions compared to conventional fuels. Christina Verchere, CEO of OMV Petrom, emphasized the company’s belief in Romania’s substantial potential for the development of green energy projects. She also acknowledged that the available funds for financing such projects present opportunities for the country’s economic growth. Verchere further expressed the company’s commitment to supporting Romania’s energy transition and low-carbon projects, with investments totaling approximately [$11.86 billion] EUR 11 billion by the end of the decade.