Gazprom Neft to start exploration of Romanian block

Newsroom 05/07/2013 | 13:36

Russia’s Gazprom Neft will invest around EUR 21 million to seek oil and gas in the Tria concession block, Western Romania, starting 2014.

Serbia’s NIS, the daughter company of Gazprom Neft, contracted Hungary’s Acoustic Geophysical Services (AGS) to conduct the 2D and 3D field seismic survey on the 545 square kilometers block.

Mikhail Danilin, deputy E&P director at NIS, said: “Development of the exploration projects at the territory of Romania is in conformance with the NIS development strategy which provides for increase of oil production volumes up to 5 million tons per year by 2030 mainly due to the projects outside Serbia.”

The company expects to drill three exploratory wells by the end of 2014, estimating that several hydrocarbon deposits will be discovered in the process.

The Tria concession is owned by Canada’s East West Petroleum and NIS acts as an operator with a 15 percent stake. The Canadian firm is still waiting for the ratification of three more concessions (Baile Felix, Periam, Biled).