$10 million in explorations

Germany’s Wintershall Company that was the first to drill in the Transilvania Sud (Transilvania South) block in 2002. Other foreign oil companies have reached the “straightforward answer” stage in the meantime, which means they are to find whether there is petroleum or gas to be found in Romania or not. The consortium comprising Tullow Oil (Ireland), Europa Oil & Gas (UK) and Oranje (Netherlands) is planning to invest approximately $8-$10 million in the Valenii de Munte (Prahova County) and Brates (NE Romania) fields in the second half this year. The money will be used for drilling an exploration well in each of the two perimeters, sources on the market told Ziarul Financiar. The three companies have spent some $7.5 million for the oil operations at Brates and Valenii de Munte so far. Tullow Oil operates the two perimeters under the license contract concluded with the National Mineral Resources Agency (ANRM) in 1999. The Irish company first came in Romania in 1997. Tullow Oil is an international oil and gas exploration, development and production company. Its shares are quoted on the London and Dublin Stock Exchange. ZF