Austrian OMV announced it has found a new oil reservoir in the Black Sea off Romania.
Potential production of the discovery is 1,500-2,000 boepd, according to the company.
The reservoir was discovered in the shallow-water Istria XVIII offshore perimeter, identified by OMV’s Marina 1 exploration well.
Cost of the exploration well was $26 million, OMV said.
“In the following months, OMV Petrom will evaluate the results of the Marina 1 well and assess its commercial viability in order to develop and start production from the new reservoir,” the company said in a statement on Wednesday.