Romanian oil and gas company Rompetrol, controlled by Kazakh-based KazMunaiGaz, has found hydrocarbons in Satu Mare, in North West Romania, where it has been drilling together with Canadian Winstar Resourses. “To evaluate the resources and reserves of gas we need more analysis and work. Going to the next stage would require new investments, which would in turn be linked to the time needed to get the agreement from the respective ministry and to the actual approval,” said Gheorghe Georgescu, general manager of Rompetrol SA. A hydrocarbon is an organic compound consisting of hydrogen and carbon, and the majority of hydrocarbons found naturally occur in crude oil.

The announcement comes soon after competitor OMV Petrom found gas reserves in the Black Sea. OMV Petrom and American Exxon have found 84 billion cubic meters of gas in the Neptune perimeter in the Black Sea, but production could only start in ten years, following investments of billions of euros. Romania’s existing reserves may cover consumption for the next ten years, according to data available. Romania could become energy independent once exploitation of the Black Sea natural gas reserves found by Exxon Mobil and OMV Petrom begins, and could even become a gas exporter to other countries in Europe, said Romanian president Traian Basescu.

Rompetrol's exploration and production division, which includes Rompetrol SA and Rompetrol Well Services, has continued drilling work in the 3,000 square kilometers in Satu Mare concessioned to Rompetrol in 2004. The group has four other perimeters under a similar concession contract, at Zegujani, Greşu, Nereju and Focşani.

So far, Rompetrol has invested over USD 5.5 million in exploring areas with an oil potential.

editor@romania-insider.com