In Romania, Romgaz carries out the exploration activity as sole titleholder of petroleum rights and obligations in eight Exploration Development Production Blocks (RG-01÷RG-08), concentrated in three (3) major projects, as follows:
“Central Transylvanian Basin” Project (blocks RG-01÷ RG-03)
“Moldova” Project (Blocks RG-04÷RG-05)
“Muntenia” Project (Blocks RG-06÷RG 08)
The company is also co-titleholder of petroleum agreements along with foreign partners in several blocks within the country as well as outside the borders of Romania, both onshore and offshore, as follows:
Brodina and Bacau Nord Blocks (Romania): Raffles Energy SRL, Romgaz (50%)
The Slovakian Svidnik-Medzilaborce-Snina Blocks, where Romgaz holds a participating interest of 25%, along with the Operator Alpine Oil & Gas plc, having a 50% participating interest and JKX Oil&Gas plc, 25% , as non-operator.
EX Trident Blocks, the deep -water area of the Black Sea, where Romgaz is a part of a Joint Venture, as non- operator, with a 10% participating interest, along with Lukoil Overseas Atash VB (72%) and PanAtlantic (18%).
Due to sustained activities, included in the exploration programs committed under the petroleum agreements concluded with ANRM (The Romanian Agency for Mineral Resources) and the achieved results, the Agency agreed to extend the exploration phase by five (5) years in 2016. Hence, the Addendum no. 5 to the Petroleum Agreement on exploration development production concluded between ANRM and S.N.G.N. Romgaz S.A, referring to Blocks RG-01÷RG-08, entered into force by Government Decision no. 726 on October 5, 2016, published in the Official Journal no. 793/ October 7, 2016.
Particular examples of the most important results of the 2016 exploration activity include:
- two discoveries with contingent geological resource (P50) of 27.0 billion m3;
- confirmation of previous discoveries by appraisal-exploration wells with a total contingent resource (2C) assessed at approximately 2.7 billion m3.
Such results have positively impacted the reserve replacement ratio, too, which reached a highest level of 323% in 2012.
Reserve replacement ratio progress during 2009 -2016
Exploration works are designed and planned by Romgaz based on own concepts by using specialized, state of the art software, and prospect assessment of geological areas displaying specific features within the blocks under concession. Such exploration works are carried out by specific surface exploration methods to identify the areas with hydrocarbon accumulations (prospects), followed by exploration drilling to determine the presence of accumulations.