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Thursday, 30 November 2017 14:00

Large gas field discovered in Romania

Large gas field discovered in Romania

Prospex Oil & Gas has discovered a large natural gas field in Suceava County (județ) in the north of Romania, Caspian Energy News (www.caspianenergy.net) reports with reference to the local mass media.

The field was discovered near Bainet close to the border with Ukraine.

The well drilled to a depth of 600 metres produced the output of 33,000 cubic metres of natural gas per day, with the methane content above 99%.

Provided that all necessary permits and approvals are received, Prospex Oil & Gas plans to begin pilot production at the field in the second quarter of 2018.

Geological exploration in this region will be continued.

The company plans to conduct a comprehensive assessment of geological and geophysical methods of gas accumulation zones in order to select the most suitable drilling sites.

The new field will open up an opportunity to fully meet gas needs of local consumers.

British investment company Prospex Oil & Gas is interested in oil and gas fields in Europe, mainly in onshore ones.

The company came to Romania in August 2017, acquiring 50% in the EIV-1 concession and signing the deal on joint activities with the Romanian company Raffles Energy LLC.

The deal cost 750 thousand euros.

The concession includes the exploration area with a number of undeveloped gas fields (Grancesti SE-1) and a number of promising sites.

At present, Romania produces about 80% of natural gas in South-Eastern Europe.

In recent times Romania has been pleasing the public with the news about new gas discoveries.

On May 11, 2017, Romgaz presented the largest developed for three decades onshore gas field.

However, the field located near Karadjele settlement in Buzău County was explored in June 2016.

The reserves of the field are estimated at 150-170 million barrels of oil equivalent or 25-27 billion cubic meters of gas.

Moreover, the estimation of the field's reserves can be increased by the results of further exploration.

In the next 2 years, Romania will also start gas production on the two sites on the Black Sea shelf.

Person in charge of the newsline: Fidan Isayeva 

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