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Petrom could be interested in shale gas after 2021
Shale gas is part of this century and Petrom will examine entering this market after 2021, the oil company's CEO Mariana Gheorghe said on this Tuesday.
She explained the natural decline of 10 percent per year in the Romanian oil and gas production could be offset by three directions.
'Firstly, it is about increasing the hydrocarbon recovery rate. Secondly, it is about the new exploration, the deep-water one included. Thirdly, shale gas gives the industry the possibility to offset the decline and even increase the production', Petrom head explained.
Gheorghe announced Petrom is not currently considering conducting activities in the shale gas sector, since it resorts to the first two of the three methods she cited for curbing the decline, but she added the company will consider entering such market after 2021, when the group's present strategy expires.
'After 2021 we'll allow themselves to also look at this market segment, which is part of the 21st century. After the experience in America, all countries, Romania included, are looking to this direction now', Gheorghe added.
The only company having so far publicly expressed interest in exploring and drilling for shale gas in Romania is Chevron, the second-largest U.S. oil company. Chevron has concession agreements for three sites in the Black Sea county of Constanta and one close to Barlad (eastern Romania).
Romania currently holds shale gas reserves put at 1,444 billion cubic metres, which places it third among the European countries, after Poland and France, according to official data published on infogazedesist.eu website launched by the Romanian National Mineral Resources Agency as part of a public information and debate campaign on the shale gas.
The Romanian annual natural gas consumption ranges between 13 billion and 14 billion cubic metres, therefore the estimated shale gas reserves could meet the country's demand for 100 years.