Romania Romgaz To Pay RON40M For Drilling Services At Five Wells

05.04.2011 By Florentina Dragu

Romanian natural gas producer Romgaz Medias plans to buy drilling and exploration services worth 39.4 million lei (EUR9.64 million) over four and a half months for five wells in Braila, Suceava and Brasov cities.

The contract will be assigned trough public auction, while interested companies may file bids until June 14, Romgaz said in a statement Monday.

Romgaz is majority owned by the Romanian Economy Ministry, with an 85.01% stake. The ministry plans to sell 15% of its stake once the company is listed in Bucharest in 2011.

The company estimates a net profit of RON649.5 million in 2011, up nearly 28% on the year. (EUR1=RON4.086)