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Romgaz announces two new gas discoveries
Romgaz started experimental exploitation of two new natural gas accumulations in Suceava and Mures counties, ensuring 3% of company production.
Frasin Suceava well drilled at 1,400 m in the Moldova North area where Romgaz had been extracting natural gas since 1972.“With this drilling made in January 2015 we brought to the fore a condensed gas reserve,”a Romgaz press release shows.
The Cris Mures well is drilling at 2,600 meters and is included in the Transylvania South area where there is one of the oldest natural gas reserves in Romania.
The discovery identified a new source where several wells have been drilling to allow the evaluation and complete development of the source.Daily production is 2,600 barrels oil equivalent per day, about 3% of the daily natural gas production of the company.
“In the past years, one of the most important targets of Romgaz management has been the increase of resource and gas reserve portfolio by discovering new sources and the development and improvement of resource recovery. For that the company has allocated resources for the rehabilitation and modernization of existing facilities, as well as for new investments, especially in geological exploration and exploitation. Thus, in 2014 Romgaz made investments of 1,085.5 million lei, of which expenses for geological exploitation and exploration represented about 54%,”said Dumitru Rotar, deputy general manager for exploration and exploitation.
He pointed out that the cancellation of production decline in the last 4 years confirms the existing potential in exploration perimeters and those in the stage of development-exploitation.
Romgaz had last year a profit of 1.43 billion lei (322 million euros), on the rise by 44% against 2013, and the business figure went up by 15.3% to 4.49 billion lei (1.02 million euros).
The state controls the natural gas producer with a participation of 70%. The second largest shareholder is Property Fund with 10%, while 17.68% of shares are owned by companies and 2.3% by natural persons.