27.7 C
Bucharest
August 8, 2022
BUSINESSCOMPANIESECONOMYENERGY

Romgaz invests in geological exploration to discover new gas reserves

Romgaz has completed an important investment objective within the Snagov priority onshore project, which consists in the development of an infrastructure with technological installations for 11 wells, four groups of wells, collecting headers, a drying station and a gas measuring panel, the company informed in a press release.

The Snagov project is included in the 2021-2030 Development Strategy.

“Ever since 2021, we have stepped up our efforts to complete an important stage in the development of the Snagov project. We are carrying out a sustained activity in order to maintain an average annual production decline below 2.5 pct, a strategic objective included in the company’s development strategy, in the context in which most of the production comes from mature onshore fields. In addition, in order to achieve this goal and, implicitly, to obtain additional production, Romgaz is investing in geological exploration in order to discover new natural gas reserves and to put new production capacities into operation,” said Aristotel Marius Jude, the company’s general manager.

Also, on Thursday, the Cosereni natural gas drying station was put into operation, an investment of approximately 31 million RON, which currently treats 230 thousand cubic meters/day of natural gas, a production achieved by putting into operation three new wells.

By the end of the first quarter of 2023, other new wells will be introduced into production, in stages, enhancing the use of the drying station to a volume of approximately 800 thousand cubic meters / day.

Romgaz is the largest producer and main supplier of natural gas in Romania. The company is admitted to trading on the Bucharest Stock Exchange (BVB) and the London Stock Exchange (LSE). The main shareholder is the Romanian state with a participation of 70%. The company has extensive experience in the field of gas exploration and production, its history beginning more than 100 years ago, in 1909.

Romgaz conducts geological exploration to discover new gas fields, produces methane gas by exploiting deposits in the company’s portfolio, stores natural gas underground, performs interventions, major repairs and special well operations, and provides professional technology transportation services.

In 2013, Romgaz expanded its field of activity by assimilating the Iernut thermal power plant, thus becoming a producer and supplier of electricity, Agerpres reports.

Related posts

With a vast expertise gathered within over 60 years in this field, ALPLA is a company with a strong commitment to sustainability

NINE O'CLOCK

Morphosis Capital teams up with professor Dr Gheorghe Iana and Vlad Ardeleanu to build a new player in the medical imaging sector, Medima Health

NINE O'CLOCK

Hilton Garden Inn Bucharest Airport celebrates two years of activity with a 70% occupancy rate

NINE O'CLOCK