Romgaz and the National Agency for Mineral Resources (ANRM) have decided to continue gas exploration to eight fields through a new work program covering the period 2016-2021, according to a company press release published on the Stock Exchange website Bucharest (BVB) quoted by Agerpres.

“During the exploration, development and production of natural gas during the period 2011 – 2016, Romgaz executed petroleum exploration operations in eight blocks conceded by the petroleum agreement approved by Government Decision no. 23 / 13.1.2000. Thus was intensified exploration activity on the steps deep in the Transylvanian Basin, Moesian Platform and Moldavian Platform and in these perimeters were executed 4,705 sqkm of 3D seismic acquisition, were drilled 70 exploration wells and confirmed contingent resources of about 17 billion Nmc of gas,”reads the document.

According to it, due to the positive results achieved by the implementation in 2011-2016, the program works, Romgaz and NAMR have decided to continue gas exploration operations of the eight blocks through a new work program covering the period 2016 – 2021, which resulted in the signing of an addendum extending the exploration period for these perimeters.

“With the Additional Act by decision of the Government of Romania, Romgaz will identify potential long-term operation aiming to ensure consistency of performance reserve replacement rates and strengthening investor confidence in the company’s assets,” the release said.