Romania imported last year 7.75 million tons of oil, 3.8% more than in 2016, according to the National Statistics Institute (INS).

Meanwhile, Romania’s oil production went down by 4.4% compared to 2016, to 3.42 million tons.

According to Romania’s Energy Strategy draft, the domestic oil production is expected to drop to about 2 million tons in 2030. The country’s proven oil reserves will deplete in 12-15 years, considering the current exploitation rate, according to the same document.

OMV Petrom, the biggest local oil producer, has seen its oil production go down in recent years. The group plans to start looking for international acquisitions to curb its declining local production.

Romania has been importing oil from Russia and Kazakhstan, as Russian group Lukoil and Kazakhstan’s KazMunayGas own two of the biggest local oil refineries.

editor@romania-insider.com