Romania has significant gas reserves at huge depths, ANRM official says

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Romania has significant reserves of natural gas in areas of huge depth, both at sea and on land, and another big company is interested in the Romanian sector of the Black Sea, said on Monday Sorin Gal, Director general of the General Directorate for Management, Assessment and Concession of Resources/Oil Reserves of the National Agency for Mineral Resources (ANMR).

“We are the oldest country to report oil production. For more than 160 years we extract oil. Others came to us and they’ve taken from here everything they could carry. We supported with gasoline the German machine during the war, and then another neighbour came and took everything that was left, however there is still oil. So far were extracted the quantities of oil and gas that were more feasible and easier to extract. There are still significant resources at huge depths. At depths of 4,000-5,000 meters there are very significant gas reserves. They can be made exploited with expensive technology,” the ANMR official said during a conference on energy issues.

According to him, besides ExxonMobil, OMV Petrom, Lukoil and Romgaz, which have so far invested huge amounts in exploration in the Black Sea, another large company is interested in this sector.

“We have the potential in the Black Sea, which is significant. But there again we talk about investments, especially in the deep sea, where the water is between 700 and 900 meters deep, the costs are significant. We give an example: the ExxonMobil and OMV Petrom drilling programme in the Neptun Block needed USD 1.5 billion, an investment as few have been conducted in Romania. Also, Lukoil and Romgaz have invested more than USD 500 million in two blocks, so everyone invests large sums of money. We currently have registered the interest of a large company, I do not want to say its name, it intends to come to the Black Sea,” Sorin Gal said.

He added that ANRM is waiting for two years already for the amendments to the legal framework in order to launch a new round of auctions for blocks.

“I have taken over the office in 2015 and I wanted that in six months to launch the packages for the new round. I have concluded them at the end of 2015 and ever since I’ve been waiting,” the ANMR official said.

The past round of auctions for concessions launched by ANMR, the tenth, started in 2009 and was concluded in 2010.

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