BUSINESS

Panfora Oil & Gas, USD 38 M for Romanian E&P operations in 2013

Panfora Oil & Gas, a MOL Group company dedicated to Exploration & Production (E&P) operations in Romania, has a total CAPEX budget of USD 38 M for exploration operations in the country for 2013, the first activities being planned for the Ex-6 Curtici perimeter. “The concession agreement signed with the Romanian National Agency for Mineral Resources (ANRM) was ratified by the Romanian Government in December last year and Panfora is the sole title holder. We have a CAPEX budget of USD 38 M for 2013, depending on the ratification of the other two perimeters that MOL Group was granted in Western Romania”, said Gabor Zelei, managing director of Panfora Oil & Gas in a press release. All operations in the Curtici area and the work commitment agreed with the ANRM refer to conventional oil and gas resources. There is no unconventional potential in the Curtici Perimeter, and the data of the ANRM certify. The company is now ready to begin surface measuring activities on a 550 sq km area, using state of the art technologies, in order to create a 3D map of the subsoil area. The technologies used have a minimum impact on the environment and the communities, as they have been successfully used in urban areas. The exploration area includes mainly agricultural land and areas.

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