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May 23, 2022

Crude oil imports down 0.2pc eleven months into 2015

Romania imported in the first eleven months of last year an amount of 6.097 million tonnes of oil equivalent (toe), down by 11,000 toe (0.2pc) from the quantity imported in the same period of 2014, according to data centralized by the National Institute of Statistics (INS).

Crude oil production totaled 3.435 million toe, by 1.1pc (38,500 toe) lower from that in the period January to November 2014.

According to the Romania’s 2015 – 2035 draft Energy Strategy, posted on the Energy Ministry’s website a year ago, Romania’s reserves of crude oil are limited, given that the discoveries in the past 30 years can be classified as modest, except for some recent signals from the shallow waters of the Black Sea, whose commerciality is still under analysis.

Although faced with a natural decline in crude oil production, Romania continues to be the 4th-largest crude oil-producing country in the European Union and the 5th in Europe. The national crude oil production represents approximately 2pc of Europe’s and 6pct of the EU’s ones.

”At an average annual production of 4.2 million tones in recent years and with a constant annual decline in certain reserves by 5pc and a replacement rate of 5pc for crude oil and condensate reserves, one may estimate that Romania’s current crude oil reserves might exhaust within a period of some 23 years,” mentions the draft strategy.
According to the statistics released in June 2015 by British Petroleum, Romania’s proven oil reserves amounted in 2014 to 600 million barrels, compared to one billion barrels at end-1994.

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