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New Market Study Published: Romania Oil & Gas Report Q1 2013

New Energy research report from Business Monitor International is now available from Fast Market Research

 

Boston, MA -- (SBWIRE) -- 02/23/2013 -- BMI View: The exploration efforts of ExxonMobil and OMV Petrom in the Black Sea could signal a turning point in Romania's upstream prospectivity, helping reduce dramatically the country's gas import dependency from around 2018. IOC interest in Romania is now on the rise and, if exploited by the government, could result in much higher investment levels. Given the shale gas moratorium, the Domino discovery has taken on still greater significance.

The main trends and developments for Romania's oil and gas sector are:

- The new Romanian government is to wait until after general elections in December 2012 before deciding upon whether or not to allow on shale gas exploitation in the country, using the controversial hydraulic fracturing (fracking) method. The previous administration had in March 2012 awarded US oil major Chevron exploration, exploitation and development rights for shale gas in large areas near the Black Sea. Chevron itself in April suspended its shale gas exploration activities in respect to the exploration and extraction of shale gas in Romania, due to concerns related to fracking.
- ExxonMobil and OMV Petrom discovered natural gas with their Domino-1 deep water exploration well in the Romanian sector of the Black Sea, and early estimates of up to 85bn cubic metres (bcm) have been attributed to the prospect. The discovery well in the Neptun block, in water depths of approximately 1,000 metres (m), was drilled to a total depth of more than 3,000m. A 3D seismic programme is being conducted before further drilling takes place to prove-up the block's potential. If successful, first production is unlikely before 2018.
- Natural gas consumption - estimated to stand at 13.7bcm in 2012 - is expected to reach at least 15.8bcm over the forecast period to 2016, then rise further to 18.8bcm by 2021. Romania's gas production is forecast to slip to no more than 8.0bcm by 2016, resulting in a net import requirement of at least 2.8bcm by 2021. However, success in proving up the Domino find in the Black Sea could mean volumes rising towards the end of the forecast period - potentially exceeding 10bcm in 2018 and reaching 16bcm by 2021.
- The construction of a bi-directional Iasi-Ungheni gas pipeline, connecting the gas networks of Romania and Moldova, will provide an alternative source of gas supply to both countries. The EUR19.2mn (US$24.9mn) pipeline will have an annual throughput of 1.5bcm. The pipeline will have a length of 43.2km, of which 32.8km will be in Romanian territory. Construction work is expected to last 17 months, with Romania investing approximately EUR12mn (US$15.6mn) in the project.

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