Oil & Gas

Romgaz to Increase Daily Production by 30% in the Caragele Field

Romgaz announces the beginning of production from the deep reservoir of the Caragele field through the 77 Rosetti well, having a production potential of more than 1500 boe. In 2016, Romgaz identified an important discovery in the NE sector of the Moesic Platform within the Caragele field, at a depth of over 4000m, and that well confirmed in production the initially announced discovery. The discovery required a specific time period for a comprehensive geological assessment of the hydrocarbon accumulation as well as for the design and preparation of development works to allow beginning of production.

“Such a result rewards the significant efforts of the company, made over the last period, to explore at deep depths, in high risk condition but with a prospective confirmation of important hydrocarbon accumulations in the licensed blocks. The exploration and development works will continue at a sustained rate to allow for potential increase of the assessed volume of the gas originally in place, as well as the recovery of such. Romgaz has also intensified the production activities in the medium depth zone of the Caragele field by putting into production two new wells having an average daily flow rate of 1000 boe,” Romgaz CEO Adrian Volintiru stated.

The three wells put a new perspective on the Caragele field through an enhanced daily production by approximately 30%, resulting in an increased production of the company by 1.4% in January.

Caragele is the largest onshore natural gas field discovered in the last 30 years in Romania, with an estimated resource of 25-27 billion cubic meters of gas.

SNGN Romgaz SA performs exploration, development and production petroleum operations in eight blocks in Romania, with the main aim of continuing the exploration works to identify new hydrocarbon resources.

 

Background

The 2019 proposed investment amounting to approximately EUR 45 million for the Caragele reservoir provided for drilling of 15 wells and installing surface technological equipment at 10 wells.

Efforts related to future exploration are focusing on planning and completing drillings meant to confirm or potentially increase the volume of the estimated resource, with investments of over EUR 100 million.

Romgaz delivers 15 million cubic meters of gas per day to the system, and the gas production has increased in 2019 above initial estimates. In the first nine months of the previous year, Romgaz produced about 4 billion cubic meters of gas, recording a 4.56% increase of production as compared to the similar period in 2017 and a 1.5% increase as compared to the estimates made at the beginning of 2019. Gas produced in the third quarter of the previous year was up by 7% compared to similar period of 2018.

 

About Romgaz

Romgaz is the largest natural gas producer and the main supplier in Romania. The company is listed on Bucharest Stock Exchange and GDRs are traded on London Stock Exchange. The majority shareholder is the Romanian State owning a 70% stake. The company has a vast experience in the field of gas exploration and production, with a history that began in 1909 and spans more than 100 years. Romgaz undertakes geological exploration with the aim of discovering new gas reserves, produces methane by exploiting the reservoirs included in the company’s portfolio and stores natural gas in underground storages; it performs well interventions, workover and special operations, and ensures technological transportation professional services. In 2013, Romgaz extended its scope of work by taking over the Iernut thermoelectric power plant, and thus it also became an electric power supplier.

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