Romania imported over 2 million toe in Q1 2018

Georgeta Gheorghe 21/05/2018 | 10:32

Romania imported in the first quarter of 2018 a total of 2,117 million of tonnes of oil equivalent, with 467,300 toe (28,3 percent) higher year-on-year, according to data released by the Institute National Statistics Institute (INS).

Oil production totalled 827,800 toe, 3.6 percent (30,500 toe) less than in the previous year. According to the Energy Strategy project, published on the Ministry of Energy, half the crude oil production is estimated at around 2 million tons in 2030. Increasing dependence on imports cannot be avoided in the medium and long term, says the document, unless exploration and production is encouraged, respectively by increasing the efficiency in the consumption of petroleum fuels.

It is also estimated that crude oil production will continue to decline slowly between 2030 and 2050, from 22 to 13 TWh (1.93 to 1.15 million toe). In the ambitious carbon decarbonisation scenario combined with low oil prices, crude oil production has a tipping point in 2035, starting from a sharp drop to zero.

Romania’s proven crude oil reserves will be exhausted in 12-15 years under a business as usual scenario.

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