“The first gas delivery in the system took place on May 29 and will be followed by a period of around 100 hours of testing and adjustments Continuous delivery in the national network is estimated to start in the beginning of June 2010. Investments for this project stood at around €135 million”, the company said in a press release.

This project was initiated in order to optimize the gas delivery into the national transportation network in periods when the pressure in the system is very high (because of low consumption, especially during summer).

“We operate mostly mature fields and the reservoir pressure is decreasing. The Hurezani gas delivery system will help us increase the pressure up to 40 bars so that gas can be better delivered into the national transportation system. Thanks to the close collaboration with Transgaz we were able to find pragmatic solutions for a quick start-up. For the future we look forward to continuing our partnership in order to exploit this investment at full capacity. Without this investment, we would have delivered less gas to the market especially during the summer period. The Hurezani project is part of our strategy, which aims to unlock the potential of Exploration and Production,” said Johann Pleininger, Petrom Executive Board member, responsible for Exploration and Production.

The Hurezani gas delivery project was initiated in 2008 and is located in the Southwestern region of Romania, between Craiova and Targu Jiu. The works included a new compressor station at Bulbuceni, 11.5 km of new connection pipeline and an upgrade of Hurezani delivery point to meet the new gas flow and pressure parameters.

The Bulbuceni compressor station combines the latest technology and facilities and observes all European safety standards. The station receives gas from five fields in the area.

Petrom is the largest Romanian company with operations in Exploration and Production, Refining and Marketing, Natural Gas and Energy. Petrom has proved oil and gas reserves of 823 mn boe, a maximum refining capacity of 8 million metric tons per year, approximately 550 filling stations in Romania and 268 filling stations in Moldova, Bulgaria and Serbia.

In 2009, the turnover of the company was € 3.029 billion and EBITDA was €696 million. OMV, energy industry leader in Central and South-East Europe holds 51.01% interest in Petrom.

OMV runs Refining and Marketing operations in 12 countries, and Exploration and Production in 17 countries across four continents. The Ministry of Economy holds 20.64% in Petrom, Fondul Proprietatea holds 20.11%, European Bank for Reconstruction and Development 2.03% and 6.21% of the company’s shares are traded at the Bucharest Stock Exchange.