ADX Energy, the concession holder for “Parta” area for conventional exploration of oil and natural gas in the area of Timișoara, invested several million euros in Romania and will perform new capital injections that may climb up to 100 million euros for conventional hydrocarbon exploration, says Paul Fink, managing director for Romania of ADX Energy.
“We have invested several million euro in Romania. This just in the first phase, for obtaining the concession from the Romanian state, for data analysis and the first geophysical data collection in the area, for which the state will get its income at the beginning of production,” says Paul Fink.
“When we’ll get to the next stage, when we’ll perform the drilling, of course investment will be higher, we’re talking about money invested locally approaching 100 million euros. They will also add to tax revenues collected and more jobs.”
In November 2012, ADX Energy, an Austrian-Australian company listed on the stock exchange, received from the Romanian State the Parta concession area, meaning the legal right and the firm order to prospect for oil and gas in this area. Some owners are opposed to prospecting, fearing shale gas exploration.
“Contrary to a misinformation, ADX Energy is not involved in prospecting for shale gas and expressly signed that it will not prospect for shale gas”, company officials say.
“In the concessioned area, which stretches from Timisoara to the west, to Jimbolia, was not confirmed until now by Romanian and international experts that there is a potential for shale gas. On the contrary, there is absolutely no potential for shale gas in Banat. Exploration and prospecting methods used are intended only to identify conventional deposits of oil, natural gas and thermal water reserves and not for shale gas”, ADX experts say.
“We work clean! We are an international company listed on the stock exchange and implement a “Zero-Discharge-Policy” in all countries where we operate, which means that when we work, we impose high requirements of environmental protection also to our partner companies and subcontractors. We are also constantly checked internationally, any negative effect to nature being, of course, avoided in all our drilling work”, said Fink.