US-based oil company Stratum Energy has announced the start of oil and gas production in its Moinesti concession in Bacau County, planning to invest USD 150 million next year in fully developing this field.
The company currently has two wells that produce 450,000 cbm of gas of daily and 100 cbm of condensate and light crude mixture. Stratum is already drilling a third well and has plans for to develop nine more.
Stratum has already invested USD 70 million in the country and is in the initial stages of a full field development plant, which has to be approved by the National Agency for Mineral Resources (NARM). The oil company has also constructed a gas export pipeline, which has a capacity of 4 million cbm that was linked to the national gas pipeline system Transgaz.
“Subject to the approval of NAMR, production is expected to increase to one million cubic meters per day in the first quarter of 2015 when two more wells will be drilled, completed, and connected for production,” stated Qasim Sharif, CEO of the oil company, in a statement.
Stratum Energy is based in Huston, Texas.