The company has been notified by project operator Carpathian Energy that the National Gas Regulation Authority of Romania issued final approval of the permit to produce gas and other hydrocarbons. The well was tested and has been ready for production since January 2006, but the company had to wait for more than a year to receive the required approvals. “Since then, various government agencies asked for numerous documents and reports to be filed before approval could be granted to put the well into production. All required permits have now been approved,” announced Nasim Tyab, president of the administration board of the company.
Production is expected to start after the gas buyer, Distri-Gas Vest, inspects and tests all valves, lines, meters, tanks and other surface equipment in preparation of the final hookup, said the company president. Oracle Energy holds a 20 percent interest in the Nadlac Field and five other oil and gas concessions in Romania that were acquired at the beginning of 2006 from Carpathian Energy, a North American company.
Specialists on the market see Romania as a mature oil province, meaning there are few chances for operators in this field to find new, highly-productive deposits.
The biggest players on the Romanian gas and oil exploration market are Petrom, now part of the OMV Austrian group portfolio, and Romgaz Medias, a natural gas producer.
Oracle Energy is a Canadian-based international oil and gas company with interests in Italy, Romania, Peru and Texas in the US.