Romania’s Energy Minister Razvan Nicolescu says that no one should be surprised if a company in Romania will make an announcement in the next days, weeks or months about new oil or gas discoveries.

He said that the state encourages the exploration and exploitation of natural resources and that companies invest hundreds of millions of euros in this sector, which should generate results, according to a press statement quoted by Mediafax.

The most recent hydrocarbons discovery in Romania was announced by OMV Petrom and Exxon in 2012, for their Black Sea exploration perimeter. Preliminary estimates indicate gas accumulations of 42 to 84 billion cubic meters, 3 to 6 times Romania’s annual consumption. OMV Petrom and state owned Romgaz are the main investors in oil and gas exploration.

Romania has proven oil reserves of 600 million barrels and proven natural gas reserves of 116 billion cubic meters, which make it one of the richest countries in the European Union when it comes to energy reserves, according to statistics from British group BP.

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editor@romania-insider.com