Romania’s proven reserves of natural gas will run out in nine years, and the oil reserves will end in 12 years in the absence of investment for new hydrocarbon discoveries, said Artur Stratan, president of the Romanian Petroleum Exploration and Production Companies Association (ROPEPCA).

He referred to onshore proven reserves. He said that several investments were cancelled last year, and the production levels would continue decreasing, reports local Digi24.

“The degree of depletion in oil resources is 90%,” Stratan said.

The ROPEPCA president added that Romania’s gas imports have increased four times this year compared to last year because the import gas was cheaper that the domestically produced gas.

editor@romania-insider.com