Romgaz invests 285m euros to identify new reserves

Romgaz Medias, Romania’s state-held natural gas producer, says
it has budgeted 1.2 billion RON (285 million euros) for investments
for 2010, around 40% more than in 2009, with the bulk of the money
to be allocated for the identification of new reserves. The money
that Romgaz has available amounts to 1% of overall investments that
Romania’s economy attracted in the first nine months of last year.
With Romgaz expecting a reduced production this year, as well, the
company’s focus is to drill 40 wells in order to identify new
natural gas reserves. “Romgaz’s natural gas production for 2009 was
5.78 billion cubic metres,” say representatives of Romgaz, a
company that supplies around half of Romania’s gas production. The
remainder is supplied by Petrom, which, similarly to Romgaz, is
faced with a decline in gas production.