Romania Sees Room for Domestic Gas Production Increase

Romania’s ROMGAZ announced on Monday that it produced 2,600 barrels of oil equivalent per day from its new conventional natural gas discoveries, adding that it will increase efforts to find capital to invest in additional exploration projects.

“We will continue to focus on finding solutions both for increasing field productivity and the recovery rate, and for discovering new oil and gas fields” ROMGAZ’ Deputy Director General Dumitru Rotar commented in a note released on Monday.

The company announced that the daily production from the discoveries in Suceava and Mures accounted for approximately 3% of the company’s total production.

“In 2014, ROMGAZ spent RON 1,085.5 million for investments, out of which geological exploration and production expenses represented about 54%.The production decline reduced to zero during the last 4 years confirms the actual potential of the exploration blocks under the development-production phase” Rotar concluded.