StockMarketWire.com - Oil and gas group OMV Petrom has started production from its new offshore well LVO7 in Romania's Lebada Vest field, the country's largest offshore oil field currently in production.

LVO7 is the first multilateral well drilled in Romania and cost some €30m.

"Multilateral drilling is a new technology that allows us to reach different target zones within a reservoir through a single well. Multilateral wells allow us to recover additional resources from our mature fields and to increase production, while managing costs," said Peter Zeilinger, member of OMV Petrom Executive Board, responsible for Upstream.

With an initial production of 1,700 boe/day, LVO7 ranks among the top ten producing wells in OMV Petrom's portfolio, the firm said.






Story provided by StockMarketWire.com