RON 1bn Investment in Caragele by 2027

Romania’s energy minister Sebastian Burduja, accompanied by Romgaz CEO Razvan Popescu and Deputy CEO Aristotel Marius Jude, paid a working visit to the drilling site of the exploration well 76 Rosetti, a well designed up to a depth of 5000m and part of the investment program in the Caragele Deep area in which Romgaz will drill at least 9 deep exploration wells, the estimated investment being about RON 1 billion.

The Caragele commercial field has been contributing to Romania’s gas production for many years, being in commercial exploitation since 2009, and its development has been achieved gradually over time, with a complex exploitation infrastructure being built.

Romgaz is firmly committed to accelerating the implementation of the investment program in the exploration activity in the Caragele area. If the estimated reserve volumes are confirmed in the coming period by drilling, the company will ensure that the wells are immediately introduced into the commercial stream.

According to a press release issued by the ministry, the Caragele project is the most important onshore investment in Romgaz’s exploration portfolio and has already made a significant contribution to national hydrocarbon production.

During the visit, Sebastian Burduja stressed the importance of the Caragele project. “Since the beginning of my mandate, I agreed with Romgaz’s management team, with CEO Razvan Popescu, to place investments first, especially Neptun Deep and Caragele. Today, Neptun Deep is on schedule to start production in 2027, and Romgaz is restarting, through its own forces, the drilling program in the Caragele block, after years of blockages. Today we visited the 76 Rosetti well. Romgaz relies here on the Romanian contractor Foraj Sonde Craiova, with 100% Romanian technology and highly experienced Romanian engineers. They have already advanced more than 1,500 metres in just two weeks, the work being ahead of schedule. In June it will reach over 5000 metres. If all the data are confirmed, production will actually start in 24 months,” the energy minister said.

According to him, investment in this well alone exceeds RON 100 million, and the total investment in Caragele will be over RON 1 billion by 2027.

“I have asked my colleagues at Romgaz to maintain an accelerated pace of work. The company and project management confirmed to me that significant progress has been made and they are committed to keeping the momentum. Certainly, it is an objective of strategic importance for Romania. Data on the value of reserves will be confirmed over the next period, which is the objective of the deep exploration phase. From the assessments available at this moment, we can be optimistic that we are indeed talking about a significant potential, with a major contribution to Romania’s energy independence. Romania has resources and Romanians must benefit from them!”, Sebastian Burduja also said.

According to the press release, the Ministry of Energy and Romgaz are determined to continue at an accelerated pace the development of the Caragele block, making a firm commitment to strengthening Romania’s energy independence and regional energy security.

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