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Romanian minister assures Romgaz will begin production at its largest onshore field in 2024

Romanian state-owned gas producer Romgaz (BVB: SNG) will begin extracting gas from its onshore deep Caragele field in 2024, energy minister Virgil Popescu announced on September 21, quoted by Reuters.

Found in 2016, some 100 km from Bucharest, the Caragele field was initially supposed to come online in 2019. Two years later, in 2018, the deadline was already deferred for 2021-2022, Europa Libera Romania reported. More recently, this year, minister Popescu was speaking of 2023 as the most likely moment for beginning production at Caragele.

The deposit has an estimated accumulation of gas of roughly 25-27 bln cubic metres, amounting to the country's entire consumption for up to three years.

It was estimated at that time at a value of USD 4 bln - while the natural gas price had tripled meanwhile.

Romgaz owns 100% of the concession contract for the perimeter located in Buzău county.

andrei@romania-insider.com

(Photo source: Dreamstime.com)

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The Capital Markets News section is powered by the Bucharest Stock Exchange 

 

BSE

 

 

Romanian minister assures Romgaz will begin production at its largest onshore field in 2024

Romanian state-owned gas producer Romgaz (BVB: SNG) will begin extracting gas from its onshore deep Caragele field in 2024, energy minister Virgil Popescu announced on September 21, quoted by Reuters.

Found in 2016, some 100 km from Bucharest, the Caragele field was initially supposed to come online in 2019. Two years later, in 2018, the deadline was already deferred for 2021-2022, Europa Libera Romania reported. More recently, this year, minister Popescu was speaking of 2023 as the most likely moment for beginning production at Caragele.

The deposit has an estimated accumulation of gas of roughly 25-27 bln cubic metres, amounting to the country's entire consumption for up to three years.

It was estimated at that time at a value of USD 4 bln - while the natural gas price had tripled meanwhile.

Romgaz owns 100% of the concession contract for the perimeter located in Buzău county.

andrei@romania-insider.com

(Photo source: Dreamstime.com)

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