The American company is ready to invest USD 150 M next year to boost gas production on the domestic market.
U.S. firm Stratum Energy began delivering gas to the national system a few days ago, becoming the Romania’s third gas producer after state-owned Romgaz and Petrom. The company said it was currently producing 450,000 cubic meters per day of gas and 100 cubic meters per day of a condensate and light crude mixture via two operating wells at its block in Moinesti, county of Bacau.
U.S. firm Stratum Energy would invest USD 150 million next year to expand its gas production business in Romania. Stratum said it had so far invested USD 70 million in Romania, including building a pipeline that connects it to the national gas grid operated by state firm Transgaz, through which it can deliver up to 4 million cubic meters per day.
Its development plan will be submitted for approval to the National Agency for Mineral Resources this year.
“Subject to the approval … production is expected to increase to one million cubic meters per day in the first quarter of 2015 when two more wells will be drilled, completed, and connected for production,” Stratum chief executive Qasim Sharif said in a statement.
During an official visit to the United States in late September, Romanian Energy Minister Razvan Nicolescu met representatives of several energy firms including ConocoPhillips, Quintana, Noble Energy, Transatlantic Petroleum, Aspect Holdings, Stratum Energy, Hupecol.