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 %).
In 2018, six exploration wells out of ten were tested with gas and temporarily abandoned until the necessary infrastructure is constructed to turn these into experimental and final production. The success rate of 60% lies within the average margin of 35%-65% recorded in the international hydrocarbon production activity.
3,000 million m3 turned from prospective resources to contingent resources by well 7 Merii and well 4 Tapu.
Romgaz designs and plans all exploration works based on its own concepts by using modern professional software, assessments of the geological area’s prospectivity displaying specific features within the blocks under concession. These are performed by using specific surface exploration methods to identify the areas with hydrocarbon accumulations (prospects), followed by exploration drilling to prove the presence of accumulations.
The results materialised in 2012in the highest reserve replacement ratios of 323%.
The table below shows the evolution of the reserves replacement ratio during 2009-2018:
Reserves replacement ratio was influenced by the reduced volume of updated commercial fields and by postponing investments in the infrastructure necessary for commissioning production facilities.