Petrom doubles investment to 6.7 billion euros

Petrom will significantly increase the value of its 3 billion euro investment programme, initially announced in 2005, to fulfil its strategic goals by 2010, taking it to 6.7 billion euros. The company already invested 2.2 billion euros from 2005 through 2007. Petrom will allocate 1.5 billion euros every year until 2010, more than planned as a result of acquisitions, new projects, inflation of costs in the industry, and the state of equipment and assets the company had at the time of its privatisation. The most important modification in terms of company goals until 2010 will be made on the exploration and production side, where Petrom hopes to reach a level of 20,000 boe/day compared to the original target of 70,000 boe/day set for the Caspian region in 2005. The company explains the change because of the potential for profitable acquisitions in the region.