Romgaz Must be a Player in the Black Sea

"Romania must not be left on the outside of this energy game"

Romania's Delegated Minister for Energy, Constantin Nita stated that Romgaz must be a player in the exploration and development of hydrocarbon deposits in the Black Sea.

Nita was commenting during the announcement of the results of  Romgaz's Initial Public Offering.  The offering of  15% of the shares yielded proceeds of  1.7 billion lei (534 million US dollars or 382,8 million euro), close to the targeted maximum amount of 1.85 billion lei.

Following the floation, the Ministry of Economy will hold approximately 70% of Romgaz shares, with 14.9% belonging to the Proprietatea Fund.   

Romgaz operates 3.257 production bores in Romania, located in 147 commercial deposits and 29 exploration bores located in 9 on-shore perimeters.  According to the independent consultant DeGolyer & MacNaughton,  Romgaz owns gas reserves of 62.1 billion cubic meters and potential reserves of 13.2 billion cubic meters. 

Nita also said that the department for energy must take into consideration the involvement of Romgaz in the exploration of potential shale gas deposits in Romania. 

The company has experience in gas exploitation in the Transylvanian basin using hydraulic fracking.

Gabriel Petrescu