Fast Market Research recommends "Romania Oil & Gas Report Q3 2012" from Business Monitor International, now available

Boston, MA -- (SBWire) -- 08/07/2012 --BMI View: Given Romania's long history of oil/gas reserves and production, it would be surprising if renewed exploration efforts do not prove-up fresh resources and extend the life and scale of existing domestic supply. However, Romania needs to enlist more help, quickly, in order to avoid increased exposure to energy import dependency. Further, the likely moratorium on shale gas exploration is likely to slow progress and dampen foreign partner enthusiasm.

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

- Romania's new left-leaning government has pledged a moratorium on shale gas exploitation. The previous government 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 in respect to the exploration and extraction of shale gas in Romania, due to concerns related to hydraulic fracturing (fraccing).
- National oil and gas company OMV Petrom has started test production at the Totea well in the region of Oltenia, which is said to be the largest onshore gas and condensate well in Romania. Well capacity is put at 3,200 barrels of oil equivalent per day (boe/d). Petrom is to drill two appraisal wells which will provide additional information.
- ExxonMobil and OMV Petrom have discovered natural gas with their Domino-1 deep water exploration well in the Romanian sector of the Black Sea. However, it is too early to confirm the commercial viability of the discovery. The well in the Neptun block, in water depths of approximately 1,000 metres (m), is likely to be drilled to a total depth of more than 3,000m.
- Natural gas consumption - estimated 13.3bn cubic metres (bcm) in 2011 - is expected to reach at least 15.9bcm over the forecast period to 2016, then rise further to 18.9bcm by 2021. Romania's gas production is forecast to slip to no more than 5.3bcm by 2021, resulting in an import requirement of at least 13.6bcm. There have been a number of new, small discoveries capable of slowing the rate of decline in domestic supply.
- Oil demand has stagnated in recent years and will only grow once underlying economic activity picks up. We do not expect to see demand growth reaching 3.0% per annum until beyond 2012, implying consumption of no more than 236,000barrels per day (b/d) by 2016 and 277,000b/d by 2021. We see domestic liquids production slipping from an estimated 106,600b/d in 2011 to less than 57,000b/d over the period to 2021. This implies rising import levels, with volumes of almost 220,000b/d anticipated by the end of the period.

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