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September 28, 2020
BUSINESS

Crude oil imports up 2.3pct, production down 1.2pct in January-April

Romania’s crude oil imports amounted to 2.169 million tonnes of oil equivalent (toe) in the first four months of 2015, 49,700 toe (2.3pct) more year-on-year, according to the data centralized by the National Statistics Institute (INS). The crude oil production totaled 1,248 toe, up 1.2pct (15,2 toe) year-on-year.

Last year, crude oil imports amounted to 6.727 million toe (27pct over 2013). The crude oil production rose in 2014 to 3.788 million toe, 2pct below the 2013 figure.

Although faced with a natural decline in crude oil production, Romania is still the 4th-largest crude oil producer in the European Union, and the 5th in Europe. The national crude oil production represents approximately 2pct of Europe’s output and some 6pct of the EU’s.

”At the annual average production in the past years (4.2 million toe) and in the context of a constant annual decline in the certain reserves of 5pct, and a 5pct replacement rate for crude oil, one can estimate that Romania’s current crude oil reserves may run out within a period of some 23 years,” mentions Romania’s draft 2015 – 2035 Energy Strategy. The document estimates that the past years’ oil discoveries were modest, except for some recent signals in the shallow Black Sea waters, for which the marketing perspectives are still under analysis.

According to the statistics released this month by British Petroleum, Romania’s proven oil reserves amount to 600 million barrels, compared to one billion barrels at end-1994

 

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