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Romania’s Romgaz completes 31 mln lei (6.3 mln euro) investment in Snagov onshore project

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OIL & GAS

Romania’s Romgaz completes 31 mln lei (6.3 mln euro) investment in Snagov onshore project

Romanian natural gas producer Romgaz Group said that it completed a 31 million lei ($6.7 million/6.3 million euro) investment in the Snagov onshore project by putting the Cosereni gas dehydration plant into operation. - SeeNews

The plant is currently treating 230,000 cu m of natural gas per day, after three new wells were put into production, Romgaz said in a statement filed with the Bucharest Stock Exchange (BVB) on Thursday.

By the end of March 2023, on a step by-step basis, other new wells will be put into production, increasing the dehydration plant’s utilisation degree to approximately 800,000 cu m per day.

Starting in 2021, we have enhanced our efforts to complete an important stage in the development of the Snagov project. Given the fact that a significant part of our production is obtained from mature onshore reservoirs, we are making steady efforts to maintain an average annual production decline below 2.5%, a strategic objective included in the our Development Strategy.

Romgaz CEO Aristotel Marius Jude

Moreover, in order to meet this objective and, implicitly, to obtain additional production, Romgaz invests in geological exploration to discover new natural gas reserves, and to stream into production new capacities.

Romgaz CEO Aristotel Marius Jude

The Snagov onshore project comprises technological installations for eleven wells, four well groups, collectors, one gas dehydration plant and one gas metering system.

Romgaz is the largest natural gas producer and the main supplier in Romania, in which the state owns a 70% stake.

Shares in Romgaz traded 1.23% higher at 45.4 lei as at 1119CET on Friday on the BVB.

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