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Romgaz to start drilling in Slovakia within few months

The state-run company Romgaz Medias (SNG), one of the two big gas producers in Romania will start in Q3 of this year exploitation drilling in the three concessioned areas in Slovakia, works which should have been started in 2013.

2015-07-08 10:16:46

"From the contract point of view, the areas in Slovakia got into a new phase of exploitation, phase which includes drilling works, acquisition of magneto-telluric data. The work programme for 2015 includes the drilling of two exploitation drilling wells at a depth of 1,200 m," the company said. In Slovakia, the exploitation phase could last until 2016.

Romgaz owns starting with 2008 a share of 25 per cent of the licence for the areas Svidnik, Medzilaborce and Snina in Slovakia. In the case of the projects in Poland, Romgaz owns a share of 30 per cent of two of the licences, taken in 2008 as well. The partners are San Leon Energy with a share of 45 per cent and another British company Sceptre Oil&Gas with 25 per cent.As regards the areas Cybinka and Torzym in Poland, they are in exploitation phase which could last until the beginning of 2017.

In 2014, Romgaz extracted 5.66 billion cubic metres of natural gas. The consolidation of the process of establishing the production at the level of 5.66 billion cubic metres for the fourth year in a row led to the annulment of the production decline. The Romgaz officials say that in the strategy of the company was included for the period of 2012-2016 a decline of production of maximum of 1.5 per cent /year.

Romgaz had in 2014 a net profit of 1.4 billion lei, up against the net profit of 2013, of 995,5 million lei.The turnover of the gas producer increased from 3.89 billion in 2013 to 4,49 billion lei in 2014. The estimated net profit for 2015 is 1.51 billion lei and the income from the exploitation is 4.58 billion lei. On 31 March 2015, the debts recorded and due to the activity of commercialising natural gas are 559.25 million lei. The main debtors are Interagro, Elcen Galati, Cet Iasi and GHCL Upsom.

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