Romanian Romgaz sets EUR 150 mln budget for exploration this year

Romanian gas producer Romgaz has set a budget of RON 666 million (EUR 151 million) to discover new gas deposits this year. Virgil Metea, the general director of Romgaz, and Dumitru Rotar, deputy director, announced during a press conference that the company’s budget for exploration this year is of RON 666 million, “four times higher than the amount four years ago," reports local Antena 3. Metea said that the company is currently seeking solutions to increase the productivity of the old deposits, but also to make new discoveries, meaning new concessions and the development of the offshore sector. Dumitru Rotar added the company is interested in all the auctions organized in the region for the concession of new exploration areas. He also said that, in the country, Romgaz uses 3D technology to discover new areas that can be exploited. Irina Popescu, irina.popescu@romania-insider.com