U.S. company Stratum Energy recently started gas and oil production at its Moinesti concession in Bacau county in Eastern Romania, reports local Agerpres. So far, the company has invested USD 70 million in Romania and plans to invest another USD 150 million next year to expand its local gas production business.

The company’s two wells, Poduri 1 and Poduri 2, currently produce 450,000 cubic meters of gas per day and 100 cubic meters of condensate and light crude mixture. Stratum Energy is drilling a third well, Poduri 3, and plans to develop nine others.

The company also built a pipeline with a capacity of 4 million cubic meters that was linked to the national grid operated by state-owned Transgaz.

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