Romania currently has over 400 oil deposits and over 13,000 active wells, according to data sent yesterday by the Romanian Association of Petroleum Exploration and Production Companies (ROPEPCA).

The association considers that the extraction of crude oil has an important contribution to the state budget but it depends directly on how the state encourages long-term investment.

The ROPEPCA members currently own most oil concession agreements for onshore oil exploration and production in Romania. They accounted for total investments of EUR 650 million last year, a turnover of almost EUR 2.9 billion, and 14,800 jobs.

A delegation of ROPEPCA met with the Economy Minister Mihai Tudose on Wednesday to discuss about the new law on oil royalties.

OMV Petrom is the main oil producer in Romania.

editor@romania-insider.com