Romgaz Invests In Gas Storage, Dehydration Units

09.19.2013 By Bogdan Neagu

Romania’s state-owned natural gas producer Romgaz Medias hasn’t discovered any new deposits, but it is investing in storage units and dehydration facilities, an Economy Ministry official said Thursday.

“Romgaz hasn’t discovered any new deposits, unlike the other major producer (OMV Petrom - e.n.). Romgaz invests in storage facilities, in contrast with Petrom,” Corneliu Condrea, director within the ministry, told the MEDIAFAX Talks about Energy conference.

Earlier Thursday, Gabriel Dumitrascu, the head of the Energy Department’s privatization unit, said during the same event that Romgaz’s main target is stopping the production decline. The company’s production fell by an average 4.7% annually in the recent period.

Petrom, a unit of Austria’s oil&gas group OMV, has reported several hydrocarbon discoveries, both onshore and offshore, in the recent years. Petrom’s annual budget for investments is over EUR1 billion, most of which for exploration and production.

Romgaz and Petrom account for more than 90% of Romania’s natural gas production.