COMPANIES ECONOMY ENERGY

Romania imported in the first semester 3.7 million toe of crude oil

Romania imported in the first six months of 2016 a quantity of crude oil totalling 3.732 million tonnes of oil equivalent (toe), 510.500 toe (15.8%) more than the amount imported in the similar period of last year, according to data centralized by the National Institute of Statistics (INS).

Oil production has totallized 1.804 million toe, being 4.5 percent (84.700 toe) smaller than that of the first semester of last year.

According to the Energy Strategy project, published on the website of the relevant ministry, the oil reserves of Romania are limited, given that discoveries in the last 30 years can be catalogued as modest – with the exception of some recent signals from the shallow waters of the Black Sea, the tradability of these being still in analysis phase.

According to the data of the National Agency for Mineral Resources (ANRM), the geologic crude oil resources are estimated at 2 billion tons, and the certain reserves at 60 million tons.

As such, at an average annual production similar to past years (4.2 million tons), in the conditions of a constant annual decline of certain reserves of 5 percent and a rate of replacement of 5 percent for crude and condensed oil, the crude oil reserves of Romania will deplete in approximately 23 years.

The vast majority of geological resources and certain reserves identified presently is present onshore (96 percent) and only 4 percent in the continental shelf of the Black Sea.

Even though it is confronted with a natural decline in oil production, Romania continues to be the fourth largest crude oil producing country in the European Union, and fifth in Europe. With regards to European production, the national crude oil production represents approximately 2 percent of European production and nearly 6 percent of that of the EU.

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