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Romania Oil & Gas Report Q3 2014 - New Market Report

Recently published research from Business Monitor International, "Romania Oil & Gas Report Q3 2014", is now available at Fast Market Research

 
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Boston, MA -- (SBWIRE) -- 06/03/2014 -- BMI View: ExxonMobil will imminently move forward with its appraisal of the Domino-1 discovery in the Black Sea discovery, signalling a positive turn in Romania's upstream outlook. Further exploration efforts in the Black Sea from international oil companies (IOCs) are providing upside risk to the country's outlook. The growing presence of IOCs is a necessary step to take advantage of Romania's increasingly expensive and technically challenging oil and gas developments. The most prospective areas remain offshore in the Black sea and the onshore basins which could support shale gas . Chevron is restarting shale gas exploration after suspending operations since October 2013 due to protests .

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

- Chevron restarted its shale gas exploration efforts in Romania after unexpectedly intense protests caused the company to suspend work in October 2013. From May 2014, the company will conduct a 90-day drilling programme targeting shale formations at the Pungesti site. Chevron currently has authorisation to drill at two sites in Vaslui.
- Even though concerns of gas supply disruptions due to Russia's actions in Ukraine have heightened the energy security issues, there continues to be a strong backlash against shale gas drilling in Romania. While the government continues to support shale gas exploration, organised protests are stifling efforts to drilling.
- Interest in the potential of the Black Sea remains strong. ExxonMobil and OMV Petrom have completed a 3-D seismic survey of the 6,000 square kilometre (sq km) Neptune Block, including the Domino-1 discovery. The Ocean Endeavor semi-submersible has been leased to carry out appraisal drilling in Q1 2014. If commerciality is proven at Domino-1, production is unlikely to begin until 2018 at the earliest.
- MOL subsidiary Panfora Oil & Gas is stepping up its exploration efforts in Western Romania. Over 2014, the company will be conducting...

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The Romania Oil & Gas Report has been researched at source and features Business Monitor International (BMI)'s independent forecasts for Romania including major indicators for oil, gas and LNG, covering all major indicators including reserves, production, consumption, refining capacity, prices, export volumes and values. The report includes full analysis of industry trends and prospects, national and multinational companies and changes in the regulatory environment.

BMI's Romania Oil & Gas Report provides professionals, consultancies, government departments, regulatory bodies and researchers with independent forecasts and competitive intelligence on the Romanian oil and gas industry.

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