Romania

Exploration Analysis

Romania was one of the world’s pioneer oil producers, and has a long and successful history of oil and gas exploration and production. The world’s first oil well was drilled in Romania in 1857, and the country began exporting oil in the late 1890’s. Commercial gas production was developed shortly thereafter.

Prior to falling under Communist control in 1946, Romania was the sixth largest oil producer in the world. The Marxist government ended international investment in the country’s petroleum industry, and ushered in four decades of state control. Through under-investment and neglect, the industry deteriorated, and Romania became a net oil and gas importer for the first time in the 1980’s.

Following the collapse of Communism in 1989, a parliamentary republic was established. and the fundamentals of a free market economy are now in place. Political reforms have succeeded in attracting foreign investment in the oil and gas sector. Foreign investment laws currently in place are among the most liberal and attractive in Europe.

Although Romania’s petroleum industry is considered mature, there remains excellent potential for significant new finds. General conditions in exploration and production activities are considered equivalent to those existing 20 years ago in Alberta, and there are a large number of structural and stratigraphic plays, both onshore and offshore, that remain to be evaluated. Modern seismic acquisition, processing and interpretation techniques have generally not been applied, and 3-D seismic is still rare. Offshore exploration, directional drilling, and revitalization of certain large fields provide attractive investment opportunities. Proven and probable reserves are estimated at 1.5 billion barrels of oil, 33 MMBBLS of condensate and 22 TCF of gas. Current production (1994) averages 139,000 BOPD and 2.1 BCF/D.

The country’s petroleum-related infrastructure is better than most East European or South American countries. Any new discovery can be rapidly placed onstream and directed to the domestic market.

For more information contact:

Leslie Sears
Petrel Robertson Consulting Ltd.
500, 736- 8th Avenue S.W.
Calgary, Alberta
T2P 1H4

Phone: (403) 218-1618
Fax: (403) 262-9135
lsears@petrelrob.com
Note:

This summary, part of Petrel Robertson’s 1995 summary of exploration and development opportunities in 31 countries around the world, has not been updated. Some of the information, particularly relating to political and economic issues, is thus out of date. It is included, however, to demonstrate the breadth and depth of Petrel’s work in each of these nations.

Copyright © 2014 Petrel Robertson Consulting Ltd.