Romania’s oil production sees first growth in two decades

Romania’s oil production increased by 4 percent last year, to 86,644 barrels a day. This is the first growth in the country’s oil production since 1994, when it produced 145,370 barrels a day. The largest oil production ever recorded in Romania was in 1977, of 313,541 barrels a day. Romania’s oil production last year stands for 0.1 percent of the world’s total oil production. It makes the country the ninth largest producer in Europe and Eurasia region, according to data published in BP’s Statistical Review of World Energy 2014. Most of Romania’s oil is extracted by OMV Petrom, the country’s largest oil&gas company, which is 51 percent controlled by Austrian group OMV, but there are also some smaller exploitations. Romania’s proved oil reserves are 600 million barrels, which puts Romania on the eighth place in Europe and Eurasia, close to Denmark, who is seventh. Petrom’s proven oil reserves are some 380 million barrels, according to data published by parent company OMV. At the current market price of USD 110 per barrel for Brent oil, Romania’s proven oil reserves would be valued at USD 66 billion. Romania’s oil production covers less than half of its oil consumption, which was 187,500 barrels a day last year, according to the same report. The rest of the oil is imported, mainly from Russia and Kazakhstan. Oil consumption also declined steeply, from 363,000 barrels a day in 1990. The drop in consumption led to the closing of some local refineries, such as Rafo Onesti, Arpechim Pitesti, Astra Romana si Steaua Romana. Find the full report here. Andrei Chirileasa, andrei@romania-insider.com