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 12,2% participating interest, along with Lukoil Overseas Atash VB (87.8 %).
Fourteen exploration wells were completed in 2017, with the following results:
- 5 discoveries with a prospective geological resource (P50) of 3.5 billion m3;
- confirmation of hydrocarbon accumulations with a contingent resource (2C) evaluated at approx. 0.9 billion m3.
Romgaz designs and plans all exploration works based on its own concepts by using modern specialized software, evaluations of the geological area’s prospectivity displaying specific features within the blocks under concession, and these are carried out by specific surface exploration methods for the identification of the areas with hydrocarbon accumulations (prospects), followed by exploration drilling to prove the presence of accumulations.
The results materialised in reserve replacement ratios, with a highest value of 323% reached in 2012.
Reserve replacement ratio progress during 2009 -2017
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.