8.9 C
March 24, 2023

Cooper Energy Ltd. to invest USD 16 M in Romanian gas deposit

The Australian company Cooper Energy Limited will invest a minimum USD 16 M in the first development phase of a natural gas deposit at Bobocu, Buzau County, which it exploits jointly with British company Zeta Petroleum, reads a press release. Zeta Petroleum holds the concession over the Bobocu deposit, since 2007. The initial evaluation made by Zeta at Bobocu in 2008 found a deposit containing some 60 billion cubic feet (Bcf) of natural gas, equivalent to 1,700 cubic metres (cu.m.), of which 33 Bcf (935 million cu.m.) have been extracted until 2001. “The gas reserves which probably remained in the lobes that produced previously can be estimated at about 765 million cubic metres,” the release quotes the Managing Director of Zeta Petroleum Romania, Bogdan Popescu as saying. Zeta Petroleum also holds under concession the Jimbolia deposit, 40 km from Timisoara. “A deposit of high-quality paraffin oil has been discovered at Jimbolia. A preliminary evaluation indicates the existence of reserves from a minimum 1.5 million barrels to as much as 6 million barrels,” Popescu explained. The Jimbolia deposit is exploited by Zeta Petroleum jointly with Armax Gaz (ARAX), a Romanian manufacturer of equipment for the oil industry.

Related posts

Nicole Kidman might promote Romania in documentary feature

Nine O' Clock

Stretches of Sibiu-Orastie highway to open before Christmas, Sova says

PM’s meeting with the MPs on IMF – postponed until tomorrow