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July 3, 2022

Crude oil imports up 7.4 pct in H1; production down 0.7 pct

Romania imported 3.222 million tonnes of oil equivalent in the first half of the year, by 222,500 toe (7.4pct) more than it imported in last Jan.-June, show figures centralized by the National Institute of Statistics (INS).

Crude production totalled 1.888 million toe, down 0.7 percent or 12,700 toe from the first half of 2014.

Crude imports last year amounted to 6.727 million toe (plus 27 pct from 2013). The Romanian crude production stood at 3.788 million toe last year, marking a 2 percent shrinkage from the prior year.

According to the draft Romanian Energy Strategy for 2015 – 2035, the Romanian crude reserves are limited, as the discoveries made in the last 30 years can be deemed modest, except for some recent signals coming from the shallow Black Sea waters, the marketing of which being still at an analysis phase.

Although Romania is facing a natural decline in the crude production, it keeps being the fourth-largest crude producer in the European Union and the fifth-largest in Europe. The domestic crude production accounts for around 2 percent of Europe’s and some 6 percent of the EU’s.

”Given the average annual production of the last years (4.2 million tonnes) and amid a constant annual decline in the safe reserves at 5 percent and 5 percent rate of replacement for the crude and condensed reserves, we may appreciate that the current crude reserves of Romania could be depleted in approximately 23 years”, the draft Strategy says.

According to statistics published by British Petroleum in June, Romania’s proved oil reserves stand at 600 million barrels as compared to one billion barrels at the end of 1994.

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