Romania's Romgaz puts new well in use at its largest onshore gas field

Romania's natural gas company Romgaz (BVB: SNG) has put in use a new well (Damianca 55) at Caragele – the largest onshore natural gas field in the country that it operates, minister of energy Sebastian Burduja announced on November 11, according to Economica.net.

"As long as we have natural gas, we must extract it," minister Burduja said.

Romgaz officials avoided any comment as the company is under a silent period before the release of the Q3 financial results.

In December 2023, Romgaz awarded the contracts for the drilling of two wells in the Caragele deep area, an area that would have estimated reserves of 30 billion cubic metres of gas and where the company had only one well in operation at that time.

"Of particular importance is considered to be the deep area on Caragele, discovered following the drilling of wells 55 Damianca and 77 Rosetti. By means of these wells, during the production tests, industrial flows of about 0.11-0.22 million standard cubic metres per day of gas and 14-59 tonnes per day of condensate were obtained," said Romgaz in the specifications for the contract.

Romgaz's total hydrocarbon production reached 23.8 million barrels of oil equivalent in the first nine months of this year, up 4.7% compared to the first nine months of the previous year. Natural gas production increased by 4.4% to 3.67 billion cubic metres, and condensate production by 54% to 25,400 tons.

(Photo source: Inquam Photos/Adel Al-Haddad)