NIS Petrol starts drilling in Bihor County: Russian ‘landing’ in Western Romania in search of hydrocarbons

The Serbian company NIS Petrol, controlled by the oil giant Gazprom Neft, has announced that in the first quarter of next year it will start drilling operations in Bihor County, operations to be carried out jointly with the Canadian company East West Petroleum.

The announcement regarding the start of the drillings hasn’t been made in Romania, but through a Canadian company’s report submitted to the Vancouver stock exchange. According to the report, 12 wells are to be drilled in the first quarter of next year in the attempt to find oil and gas, but not shale gas. The operations’ funding will be provided entirely by NIS Petrol and, depending on the results achieved, the number of wells to be drilled may increase.

In its release, the Canadian company maintains that the perimeters prospection will be concluded later the same year, but that it has already received from NIS seismically interpreted data of the wells’ evaluation and analysis in the regional gas fields.

“The well will target conventional gas deposits and will be drilled to a depth of 2,500 meters. The well drilling and the evaluation of deposits will last 50-60 days. The drillings will continue throughout 2016, with additional wells drilled on the basis of the interpretation of the fresh collected seismic data,” the East West Petroleum report reads, a report also posted on the company’s website.
The explorations in Bihor County have begun in early 2013, conducted in the Tria (EX-2) block, taken on lease in 2010 by East West Petroleum. The company subsequently leased 85% of the perimeter to NIS. The lease is valid for 20 years.

The Canadian company is associated in Romania with NIS Petrol in EX-3 (Baile Felix), EX-7 (Periam) and EX-8 (Biled) blocks. East West Petroleum was set up in 2010 as an international exploration and production company based in Canada, listed on the TSX Venture Exchange, aiming at exploring and developing conventional oil and gas resources. The company invests in international exploration and production projects on conventional resources with the potential to increase the value for shareholders, currently the company’s activity is focused on Romania and New Zealand, according to information available on the company’s website.

Regarding NIS Petrol, the company is currently expanding in Romania, focusing, in addition to the drilling, on establishing a filling stations network with national coverage. By the end of this year, NIS Petrol plans to acquire a stake of 10% of the fuel market.

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