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Romania also has oil reserves of over 200 billion dollars
Romania’s underground also hides oil of over 200 billion dollars, even after 150 years of production. In order to get reserves to the surface competition must increase by the appearance of several smaller producers, said Radu Mircescu, general manager and main shareholder of Gasoil Group, a group of companies for well servicing.
“Since 1860 when oil production began in Romania about 5 million tons have been extracted per year. That means 750 million tons until now. That means 200 billion dollars. This is how much oil we have in reserves,” said Mircescu yesterday at ZF Live show. He points to the chances of small players in the oil and gas production sector, dominated by two companies, Petrom and Romgaz in a proportion of 90%.
On the other hand, the remaining crude “is hiding”deep and in non- accessible places, while resource exploitation involves the use higher production costs and technology. In Romania, 18% is recovered from resources, while in the US of Canada up to 40% can be recovered.