Two new natural gas discoveries

Romgaz completed in March the works for bringing into production test two new gas accumulations in the Moldavian Platform and in the Transylvanian Basin, nearby Frasin (Suceava County) and Cris (Mures County), respectively.

Frasin well, drilled at 4,100 m depth, is located in the exploration-development-production block RG 04 Moldova Nord, an area where Romgaz produces gas since 1972. This drilling operation, completed in January 2015, discovered a gas-condensate field which is currently under the development phase. Cris well (Danes village, Mures County) is drilled at 2,600 m depth and is included in the block RG 03 Transilvania Sud, where some of the oldest Romanian natural gas fields are located. The discovery, made in January 2014, identified a new natural gas field where currently more wells are drilled for full assessment and development. The daily production of these two new wells exceeds 2,600 barrels of oil equivalent per day, which is approximately 3% of the company’s daily gas production. Both fields are included in the category of conventional hydrocarbon fields.

“One of Romgaz management main objectives of the past few years was and continues to be the development of gas resources and reserves portfolio, through discovery of new fields and development and enhanced recovery of existing resources. The company allocated resources for upgrade and modernization of existing facilities as well as for new investments, especially in geological exploration and production. Thus, in 2014, Romgaz spent RON 1,085.5 million for investments, out of which geological exploration and production expenses represented about 54%. The production decline reduced to zero during the last four years confirms the actual potential of the exploration blocks under the development-production phase and encourages us to increase our efforts for capitalizing this potential. We will continue to focus on finding solutions both for increasing field productivity and the recovery rate, and for discovering new oil and gas fields,” Dumitru Rotar, Deputy Director General – Exploration and Production, S.N.G.N. ROMGAZ S.A., stated.

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Aprilie 2015

June 2017