RAIFFEISEN BANK S.A.

  |  2013-03-29

Romanian Daily Report - March, 29

OMV Petrom to invest EUR 200 mn in a mature field redevelopment at Suplacu de Barcau; CEO of the Bucharest Stock Exchange was dismissed

OMV Petrom to invest EUR 200 mn in a mature field redevelopment at Suplacu de Barcau
OMV Petrom (SNP) announced the start of the implementation phase for the field redevelopment project in Suplacu de Bacau, located in the North-western part of Romania. The investments for the project will amount to approximately EUR 200 mn over the period 2013-2015. As SNP operates very mature fields in Romania, field redevelopment projects are essential to keep production stable. These projects aim to unlock additional hydrocarbons reserves. Presently, the average reserves recovery rate for the 238 fields operated by the company stands at 25% for oil and around 49% for gas. With the help of new technologies SNP will be able to extract more from fields that have been in production for decades. Suplacu is a mature oil field, in production for over 50 years, with a daily production of 10% of the total oil production of SNP in Romania. We rate this piece of news as neutral since it fits into the company’s long term strategy.

 

CEO of the Bucharest Stock Exchange was dismissed
According to a release from the Bucharest Stock Exchange (BVB), the CEO of the company, Mr. Cionga, was dismissed yesterday by the Board. Mr. Cionga should end its mandate in two months, when a new CEO should be selected.

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