The US company will assess the resources and gas reserves available in the deposits owned by Romgaz. The contract was attributed on March 4, and the US group was the only bidder, according to local Profit.ro.

DeGolyer and MacNaughton will have two years to audit the gas deposits. The audit should be completed by the end of March, 2018. The US consultancy is the market leader in Russia and the former Soviet Union in assessing and auditing gas and oil reserves and resources.

The American firm also audited Romgaz’s reserves in 2013, before the company’s listing on the Bucharest Stock Exchange and London Stock Exchange.

At that time, the company had proved gas reserves totaling 62.1 billion cubic meters (bcm) and probable reserves of 13.2 bcm. The possible reserves were 11.8 bcm.

In 2015, Romgaz produced 5.6 bcm of natural gas and sold 5.05 bcm of gas. The company’s sales were EUR 912 million, 10% lower compared to 2014. The net profit was 15% lower, at EUR 269 million.

Romania’s Energy Ministry holds 70% of the company’s shares. The share price has declined by almost 24% in the past 12 months and the company’s current capitalization is EUR 2.3 billion (as of April 1, 2016).

Romanian gas producer Romgaz wants to distribute EUR 233 mln dividends

editor@romania-insider.com