The officials of OMV Petrom, Romanian subsidiary of Austrian OMV Group, announced that the company will close down 250 inefficient wells in 2016, out of more than 7,600 it currently operates, and also lay off some 1,200 employees in the upstream sector. Last year, the company closed some 350 wells.
Oil and gas production of the entire OMV Group in the first half of the year amounted to 32.08 million barrels of oil equivalent, of which 30.5 million barrels was achieved in Romania (3 % less compared to the first half of 2015). Oil production in Romania reached 13.3 million barrels, which is 4 % less than in the same period last year mostly due to the natural decline of deposits and unfavorable weather conditions. Gas production in Romania fell by 1 % and reached 17.21 million barrels of oil equivalent due to the decline in production of major gas deposits Totea, Bulbuceni and Bustuchin, which could not be offset by the increases in production of the Black Sea projects.
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Tags: gas, layoffs, oil, oil well, OMV, OMV Petrom, production, Romania