Amroco spends $40m on oil development

US-based Amroco this year will invest $30-$40 million in the development of 11 natural gas deposits in Romania, following a partnership with Romgaz, Industry and Resources minister Dan Ioan Popescu was quoted as saying by Mediafax at the end of last week. “Amroco and Romgaz have a partnership to increase the amount of natural gases extracted in the 11 perimeters, following investments by the American party,” Dan Ioan Popescu said. The new company will extract several million cubic metres of natural gases per month at first and then move on to an annual production of 220-250 million cubic metres of gas, that is 1-1.3% of the total domestic consumption. The amount of natural gases extracted will be sold on the Romanian market. The Industry minister said the price in this case would be “of no more than 80% of the imported gas price,” and mentioned the ministry was planning to cut on the natural gas imports. “If we obtain a higher output at a lower price, then it is only natural for imports to decrease,” Dan Ioan Popescu said. The domestic natural gas output reaches about 14 billion cubic metres a year, some 8 billion of which are provided by Romgaz, while the rest comes from Societatea Nationala a Petrolului (National Oil Company) Petrom. Romania imported 3.1 billion cubic metres last year, the highest amount in years, as Dan Ioan Popescu said. ZF