OMV Petrom

Romania

OMV Petrom

Romania
SEARCH FILTERS
Time filter
Source Type

News Article | July 20, 2017
Site: www.marketwired.com

NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES Transeastern Power Trust ("Transeastern" or the "Trust") (TSX VENTURE:TEP.UN)(TSX VENTURE:TEP.DB) is pleased to announce that it has signed a binding agreement with OMV Petrom for the acquisition of OMV Petrom Wind Power SRL operating a 45 MW wind farm located in the Dobrogea Region, Romania (the "Dorobantu Wind Project"). The Dorobantu Wind Project is equipped with 15 Vestas-V90 turbines, each with a capacity of 3 MW. The construction of the Dorobantu Wind Project commenced in the second half of 2010 and was finalized in July 2011; commercial operations started on October 1st, 2011. In 2016, the Dorobantu Wind Project generated a net electrical output of 83,867 MWh. The net purchase price of the Dorobantu Wind Project is EUR23.0 million. Closing of the acquisition is subject to various conditions precedent. The Trust will be proceeding with finalizing the related financings. Assuming all necessary conditions are met, the Trust anticipates that the acquisition will close before the end of 2017. AcAp Advisory was the sole financial advisor to Transeastern. Mr. J. Colter Eadie, Chief Executive Officer of Transeastern, commented: "We are pleased to have signed the acquisition agreement with OMV Petrom for the Dorobantu Wind Project. Upon completion, this acquisition will represent a major milestone for Transeastern. This operation, which will be our largest acquisition to date, has six years of consistent operating performance and will approximately double our power production capacity, forecast revenues, and operating margin. We look forward to continuing to expand the portfolio of energy assets of the Trust noting that, with this acquisition, we will have increased Transeastern's overall generation capacity by more than tenfold since the Trust's initial public offering just three years ago." The Trust, through its direct and indirect subsidiaries in Canada, the Netherlands and Romania, has been formed to acquire interests in renewable energy assets in Romania, other countries in Europe and abroad that can provide stable cash flow to the Trust and a suitable risk-adjusted return on investment. The Trust seeks to provide investors with long-term, stable distributions, while preserving the capital value of its investment portfolio through investment, principally in a range of operational assets, which generate electricity from renewable energy sources, with a particular focus on solar and hydro power. The Trust intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). All material information about the Trust may be found under Transeastern's issuer profile at www.sedar.com. Forward-Looking Statements Except for statements of historical fact contained herein, the information in this press release constitutes "forward-looking information" within the meaning of Canadian securities law. Such forward-looking information may be identified by words such as "anticipates", "plans", "proposes", "estimates", "intends", "expects", "believes", "may" and "will". There can be no assurance that such statements will prove to be accurate; actual results and future events could differ materially from such statements. Factors that could cause actual results to differ materially include, among others: risks related to foreign operations (including various political, economic and other risks and uncertainties), the interpretation and implementation of the energy law, expropriation of property rights, political instability and bureaucracy, limited operating history, lack of profitability, high inflation rates, failure to obtain bank financing, fluctuations in currency exchange rates, competition from other businesses, reliance on various factors (including local labour, importation of machinery and other key items and business relationships), risks related to seasonality (including adverse weather conditions, shifting weather patterns, and global warming), a shift in energy trends and demands, a shift in energy generation in the European Union, vulnerability to fluctuations in the world market, the lack of availability of qualified management personnel and stock market volatility. Details of the risk factors relating to Transeastern and its business are discussed under the heading "Risks and Uncertainties" in Transeastern's annual management's discussion and analysis for the year ended December 31, 2016, a copy of which is available on Transeastern's SEDAR profile at www.sedar.com. Most of these factors are outside the control of the Trust. Investors are cautioned not to put undue reliance on forward-looking information. These statements speak only as of the date of this press release. Except as otherwise required by applicable securities statutes or regulation, Transeastern expressly disclaims any intent or obligation to update publicly forward-looking information, whether as a result of new information, future events or otherwise. Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


The global oil and gas company OMV/OMV Petrom has selected RiskPoynt Barrier Model as their operational risk management solution. In 2016, OMV was looking for a software package to improve the way they managed upstream operational risks.


Krezsek C.,OMV Petrom | Schleder Z.,OMV Petrom | Bega Z.,OMV Petrom | Ionescu G.,OMV Petrom | Tari G.,OMV Austria Exploration and Production GmbH
Petroleum Geoscience | Year: 2016

The Messinian sea-level fall in the western Black Sea is poorly understood and often debated.We provide evidence for the sea-level fall, offshore Romania. There, the Messinian sedimentation is closely related to the gravitational collapse of the basin margin above the Maykop shales. This thin-skinned system controlled the Messinian lowstand depocentres.We estimated about 500-600 m of sea-level drop based on the erosional valleys cut into the formed lower Pontian slope and the Messinian erosional surface (MES). The Messinian lowstand sediments are delimited by the basal erosional surface (BES) formed at the onset of the sea-level fall and by the MES related to transgressive wave erosion during the initial slow rise in sea level. Subsequent rapid sea-level rise drowned the remaining erosional topography on the lower Pontian palaeo-shelf. Similar features have been described in the Mediterranean Basin. © 2016 The Author(s). Published by The Geological Society of London for GSL and EAGE. All rights reserved.


Krezsek C.,OMV Petrom | Lapadat A.,OMV Petrom | Matenco L.,University Utrecht | Arnberger K.,OMV Austria Exploration and Production GmbH | And 2 more authors.
Global and Planetary Change | Year: 2013

Oblique convergence accompanied by large-scale strike-slip deformation taking place between orogenic units isan inherent feature of highly bendedmountain chains. Strain partitioning during subduction and collision takes place between differently oriented orogenic segments and creates contrasting styles of deformation thatmay include coeval extension, strike-slip and shortening, in particularwhen large amounts of rotations are recorded. A typical area is the one connecting the Balkans with East Carpathians along the highly bended South Carpathians Mountains that were affected by large scale Paleogene-Miocene strain partitioning at the contact with their lower Moesia unit in what is commonly known as the Getic Depression.We analyse this contact by the means of a number of seismic transects calibrated by exploration wells. The kinematic restoration of these transects is correlated with connecting depth information and with previously published studies. This has allowed the definition of a novel kinematic evolution of the deformation observed in the Getic Depression. This evolution is compatible with the definition of a Paleogene-EarlyMiocene period of transtensional opening by using strike- slip faults that terminate along horsetail geometries. This transtensional deformationmigrates in space and time across the basin and is kinematically connected with the oblique shortening taking place in the eastern part of the Getic Depression and SE/East Carpathians. In particular interesting is the mechanismof transtensionalmigration E-wards and contractional migration W-wards that took place coevally during the rotation and E-ward translation of the upper Carpathians units along the strike of the Getic Depression. This has been subsequently followed by shortening and transpression during Middle Miocene-Quaternary times that was recorded at the scale of the entire studied area. © 2012 Elsevier B.V.


Nienhaus A.,Environmental Resources Management Inc. | Afrenie D.,Environmental Resources Management Inc. | Sandu G.,OMV Petrom
Society of Petroleum Engineers - SPE International Conference and Exhibition on Health, Safety, Security, Environment, and Social Responsibility | Year: 2016

The successful transformation towards an advanced, sustainable safety culture within an organization requires a delicate balance of people, their behaviours and practices on one side and the physical and organisational infrastructure on the other side. The authors look at the implementation of a programme to enhance the safety culture and to improve safety performance implemented by OMV Petrom in 2014. The first step comprised the building of internal competencies for supporting cultural change. In a second step, joint teams of ERM and OMV Petrom Assessors performed a series of safety culture assessments at the headquarters and selected assets to understand the maturity of the safety culture within these organizational units. Based on this understanding of the current situation, the safety culture transformation was then initiated through engaging and coaching leaders at the selected assets. All elements of the programme showed rapidly noticeable changes in the safety culture. A shift change was noted from a "classical" niche-driven view of HSE towards a holistic perspective which looked at personal motivators as well as technical and systems' aspects and the role of leaders for a sustainable safety culture. In the pilot assessments, the newly emerged change agents were key multipliers for disseminating the new perspective on safety into the assets. And finally, in the leadership training sessions at the selected assets, senior managers and leaders gained new insights not only on their personal role and accountability, but also on individual opportunities for reducing accidents and at-risk behaviours. The programme demonstrated that effective change within organisations can be achieved even in challenging environments. Two essential requirements for this are acknowledging and building on the delicate balance between personal mindset and values on one side, and equipment, systems and processes on the other side, and overcoming the classical HSE "niche thinking" which is still encountered in many organisations. Copyright 2016, Society of Petroleum Engineers.


Nicolae I.,OMV Petrom | Firu L.S.,OMV Petrom
Society of Petroleum Engineers - SPE International Conference and Exhibition on Oilfield Corrosion 2014: New Challenges for a New Era | Year: 2014

Corrosion is causing partial or total destruction of the material in general, and of metals in special due to a reaction with the environment. This destruction is in fact a natural process because of the metals in processed form, have a high energetic level and there is a normal tendency to revert back at initial natural form as oxides in ores. In the oil and gas industry, down hole pumps, tubing, sucker rods, pipelines and surface facilities equipment made by carbon steel are susceptible to corrosion. Corrosion is caused by the presence of CO2(sweet corrosion), H2S or organic acids (sour corrosion). Today applying corrosion inhibitor is a common practice in OMV Petrom. The application of inhibition on the large areas has been implemented since 2007 as part of modernization project in which more than 5000 wells were modernized. This included: the implementation of new artificial lift design and installation of new tubing, new pumps following API standards, corrosion inhibitor injection, dosing skids and optimization of production parameters. At the same time Corrosion Monitoring Devices (DMC) were installed in 10% of injection points. Appropriate chemical trucks for filling up of dossing skids and batch treatments assurance were acquired as well. This paper shows an overview of corrosion management in OMV Petrom, achievements and benefits of the projects implemented in OMV Petrom in last years, starting with 2005 till today, where Main Time Between Failures (MTBF) increase 8, 5 times in comparison with 2005. The corrosion inhibitor injection process is monitored and optimized continuously keeping corrosion rate under control. Continuous optimization means: coupon and failure analysis, continuous inhibition or batch treatment, adjustment of dosage, new corrosion inhibitor screening considering specific environment and requirements, introducing of new chemistry for tubing carbon steel and new artificial lift design considering corrosion resistant materials etc.Copyright 2014,Society of Petroleum Engineers.


Matenco L.,VU University Amsterdam | Krezsek C.,OMV Petrom | Merten S.,VU University Amsterdam | Schmid S.,University of Basel | And 2 more authors.
Terra Nova | Year: 2010

Terra Nova, 22, 155-165, 2010. Sequence stratigraphy in the hinterland, kinematic analysis of thin-skinned thrusting in the foreland and thermochronological tracking of exhumation in the orogenic core are combined to quantify the mechanics of an orogen with low topographic build-up. The Carpathian system demonstrates that collisional deformation can couple and thicken the lower orogenic plate along reverse faults that dip more steeply than the subduction zone, defining a 'foreland-coupling' type of collision. Near the surface, this is expressed by wide antiforms in the upper plate and the thin-skinned orogenic wedge. A sequence stratigraphic analysis of the back-arc Transylvanian Basin demonstrates that the sedimentary architecture records orogenic uplift pulses with both short and long wavelengths. These correspond to the activation of individual thrust sheets in the thin-skinned wedge and to lower-plate coupling events respectively. © 2010 Blackwell Publishing Ltd.


Durbac M.,OMV Petrom
Society of Petroleum Engineers - SPE International Conference on Health, Safety and Environment in Oil and Gas Exploration and Production 2011 | Year: 2011

Starting from the idea that every activity can be improved in order to facilitated the safest working places, an effective risk management process requires a structured and systematic analysis method involving the Identification, Assessment and Control of hazards. In the same way the Recovery from potential events should be investigated and recovery measures analysed and prepared. The Petromar offshore operations in the Black Sea of Romania are a significant part of Petrom E&P. There is no legal requirement in Romania to provide a HSE Case for offshore installation. According to OMV group (the owner of Petrom) standards the preparation and implementation of a HSE Case is necessary. A key deliverable of this HSE Case was the purpose to make it electronically available for all the platforms and operational people to facilitate consistent use in the ongoing operations. OMV Petrom is committed to on-going improvement in HSE management; therefore HSE-MS in Petromar is effectively implemented with a continuous improvement in the management of all HSE hazards and effects that could occur in the workplaces. According to the HSE Case standard used in OMV/Petrom, the scope of the HSE Case is to: • Deliver an integrated HSE Case to modern standards as seen in the international oil and gas industry • Provide a comprehensive qualitative assessment of the hazards and current risk levels; • Identify where improvements in control measures are required and areas where additional control measures (risk reduction measures) could be practicably implemented; • Provide a reference document that defines the current position with regard to hazard management against which improvement can be demonstrated; and • To bring the common offshore and onshore Petromar HSE issues together in one document. The implementation of all these aspects is facilitated through the use of an electronic tool. This tool shows all the important aspects of the HSE Case; it has a user friendly interface and is easy to use. The tool provide a comprehensive qualitative assessment of the hazards and current risk levels; it identified where improvements in control measures are required and areas where additional control measures (risk reduction measures) could be practicably implemented and bring common offshore and onshore HSE issues together in one tool. Copyright 2011, Society of Petroleum Engineers.


Banghea B.,OMV Petrom
Society of Petroleum Engineers - SPE International Conference on Health, Safety and Environment in Oil and Gas Exploration and Production 2011 | Year: 2011

This paper focuses on the process of creating a sustainable HSE performance within a Field Cluster in an oil and gas producing company which has gone through a stage of transition from a state company to a private company alining itself to the others oil and gas producers in Europe. It was necessary to understand how a company could create a HSE culture where health, safety and environment are integrated in the business and how the company could go from an old system, based on a reactive method of working to a proactive system based on a sustainable HSE management. Since December 2004, this Field Cluster is committed to transforming everything related to business, process, employees and management into a whole that is based on the fact that the HSE is integrated in the business Results obtained in the improvement of HSE performance that are presented in this paper show the direction taken by HSE in the Field Cluster which led, besides a Safety Leadership and a moral imperative that everyone must return home safely from work, also to the fact that these two generate business development and material savings as well as changing stakeholders' perception of the Field Cluster from an incident generator to a partner in work and community development. Copyright 2011, Society of Petroleum Engineers.


Peball U.,OMV Petrom
Society of Petroleum Engineers - SPE International Conference on Health, Safety and Environment in Oil and Gas Exploration and Production 2010 | Year: 2010

HSE Culture and performance: This paper demonstrates how the HSE culture of a national affiliate of a large multi-national oil corporation, which was initially very much focused on reporting achievement of figures and not actual progress, was driven to achieve Strategic HSE Objectives by application of the measurement and reporting of meaningful and achievable objectives. Setting the Strategy and Objectives: A HSE strategy for the multi national group based on an E&P vision was developed by the corporate group for a 5 year rolling period taking into consideration key external drivers for the E&P business. A gap analysis against best industry practices and a defined corporate peer group verified the focus on key issues. For key benchmarks KPI's, targets and key accountabilities were defined. Copyright 2010, Society of Petroleum Engineers.

Loading OMV Petrom collaborators
Loading OMV Petrom collaborators