Romgaz to start drilling in Slovakia
Romgaz will begin in February the drilling for three exploration blocks under lease in Slovakia. Romgaz holds since 2008 a 25 percent share of the license on perimeters Svidnik, Medzilaborce and Snina in Slovakia. The exploration program of the three blocks initially provided the drilling of a well in 2013 to assess the likely amount of hydrocarbons, but the works were delayed due to the withdrawal of the concession operator, the Irish company San Leon Energy. The discovery of new reserves would thus be a step to halt the decline in production and thus of the income from core business.
The company’s turnover increased by 38 percent in the first nine months, but the advance was mainly due to higher prices of the natural gas, up by 28 percent, as a result of market liberalisation and less to the increase of production, which rose just 7 percent.
Romgaz’s plans to enter the foreign gas markets date back many years. Thus, from January 22, 2009 Romgaz became co-owner of the rights and obligations in two oil blocks in Poland and three blocks in Slovakia. In the exploration perimeters in Poland, Romgaz holds a participation share of 30 percent and in the exploration perimeters in Slovakia holds 25 percent.