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Romania ranks 5th in Europe in terms of gas and oil production
Romania is currently ranking 5th in Europe in terms of oil and gas production, with the country's import dependency rate standing at 25 percent, below the European average of 50 percent, according to Vasile Iuga, managing partner for South-East Europe at the PriceWaterhouse Coopers (PwC).
The main producer of oil and gas in Europe is Norway, with 1.3 billion barrels of oil equivalent (boe) drilled last year, followed by the UK, with 583 million beo, the Netherlands, with 520 million boe, Denmark, 114 million boe and Romania, with 102 million boe.
There follows in the ranking Germany, with 98 million boe drilled last year, Italy, with 91 million, Poland, 44 million boe, Turkey, 20 million boe, Austria, 18 million, Israel, 16 million, Croatia, 16 million boe and France, 9 million.
At the same time, Romania's import dependency rate is 25 percent, below the European average.
'Our dependency rate is lower than the European average, which is 50 percent. From this viewpoint, Romania's situation is very good', Iuga explained.
According to him, Romania's import dependency rate could grow, unless money are injected in energy efficiency.
'The production of shale gas in the Black Sea could possibly start no sooner than in 2020. Based on our calculations, unless we improve the energy efficiency by 20 percent until 2030, Romania's import dependency rate will reach 80 percent in 2030', said Iuga.