Repsol has withdrawn from its partnership in the deep (2,500-3,000m) rights for V Baicoi, VI Targoviste, XII Pitesti and XIII Targu Jiu blocks, and its 49% stake has been re-assigned to operator OMV Petrom. Repsol's exit was announced on 1 November 2018, although it is understood that discussions have been ongoing since Q2 2018. The four blocks cover 889 sq km in the South Carpathian Basin, SW Romania and were awarded in September 1997. Repsol farmed into the deep rights during September 2013 (OMV retained 100% in the shallow portion) and the partners invested over US$ 200 million in the blocks including 2D and 3D seismic acquisition, and three wells (one ongoing). Piscuri 4000 targeted Oligocene-Early Miocene Imbricates, reportedly encountering hydrocarbons in several horizons during 2015, and was scheduled to test in H1 2016 but results have not been disclosed. Baicoi 6500 confirmed oil in Early Pliocene Dacian Formation also during 2015, but was terminated at 3,500m, significantly short of its Oligocene primary objective (PTD was 5,000m). Baicoi 6600 was spudded in February 2018 and is scheduled to TD at 5,500m by mid Q4 2018. A fourth NFW was planned on Targu Jiu, but has likely been postponed to 2019. Repsol's withdrawal is consistent with its plans to divest EUR6.2 billion in non-core E&P and downstream assets from its portfolio, and stated focus on the Americas and SE Asia. Following Repsol's withdrawal, OMV Petrom SA is sole concessionaire for V Baicoi, VI Targoviste, XII Pitesti and XIII Targu. <P />
Romania, Targu Jiu