American oil firm to exit Romania after significant losses

Hunt Oil Company, an American oil firm, is exiting Romania after 14 years of operations despite significant investments and substantial financial losses, according to Profit.ro.

Hunt Oil has invested over EUR 86 million in two Romanian oil concessions, Adjud and Urziceni Est, far exceeding its initial financial commitment. However, unsuccessful drilling efforts led to the abandonment of exploration wells.

The company accumulated net losses of over RON 528 million (over EUR 105 mln) from 2010 to 2023.

Now, Hunt Oil is transferring its 50% stake and operational responsibilities for these concessions to its local partner, OMV Petrom, which will assume full control.

(Photo source: Aleksei Zakirov/Dreamstime.com)