Romanian state-owned company Romgaz will invest some USD 500 million between 2012 and 2016 on geological survey work in the eight perimeters leased from the National Agency for Mineral Resources (ANRM), said Dumitru Chisalita, adviser in the Ministry of Economy, quoted by Mediafax newswire. Romgaz hopes to find new natural gas resources.

Last year, ANRM extended the exploration period of the eight perimeters leased by the gas producer by five years.

The national gas reserves are estimated to ensure consumption for a period between 10 and 70 years, depending on several factors, according to Dumitru Chisalita.

Romgaz posted a profit of EUR 180 million in 2011, up17 percent over the previous year, while its turnover was EUR 955 million. The company is controlled by the Romanian state, through the Ministry of Economy.

Irina Popescu, irina.popescu@romania-insider.com

(photo source: photoxpress.com)