REG - S.N.G.N. Romgaz S.A. - Increase of Gas Production in Caragele Field

Societatea Nationala de Gaze Naturale Romgaz SAAnnouncement

31/01/2020 11:05

RNS Number : 5959B
S.N.G.N. Romgaz S.A.
31 January 2020
 


January 31, 2020
 
A N N O U N C E M E N T
ROMGAZ to increase daily production by 30% in the Caragele Field
 
Societatea Nationala de Gaze Naturale ROMGAZ S.A.  announces the beginning of gas production from the deep reservoir of the Caragele field through the 77 Rosetti well, having a production potential of more than 1500 boe. In 2016, ROMGAZ identified an important discovery in the NE sector of the Moesic Platform within the Caragele field, at a depth of over 4000 m, and that well confirmed in production the initially announced discovery. The discovery required a specific time period for a comprehensive geological assessment of the hydrocarbon accumulation as well as for the design and preparation of development works to allow beginning of production.
ROMGAZ CEO Mr Constantin Adrian Volintiru stated that: "Such a result rewards the significant efforts of the company, made over the last period, to explore at deep depths, in high risk condition but with a prospective confirmation of important hydrocarbon accumulations in the licensed blocks. The exploration and development works will continue at a sustained rate to allow for potential increase of the assessed volume of the gas originally in place, as well as the recovery of such. Romgaz has also intensified the production activities in the medium depth zone of the Caragele field by putting into production two new wells having an average daily flow rate of 1000 boe."
The three wells put a new perspective on the Caragele field through an enhanced daily production by approx. 30%, resulting in an increased gas production of the company by 1.4% in January 2020.
S.N.G.N. ROMGAZ S.A. performs exploration, development and production petroleum operations in eight blocks in Romania, with the main aim of continuing the exploration works to identify new hydrocarbon resources.
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About ROMGAZ
S.N.G.N. ROMGAZ S.A. is the largest natural gas producer and the main supplier in Romania. The company is listed on Bucharest Stock Exchange and GDRs are traded on London Stock Exchange. The majority shareholder is the Romanian State owning a 70% stake. The company has a vast experience in the field of gas exploration and production, with a history that began in 1909 and spans more than 100 years. Romgaz undertakes geological exploration with the aim of discovering new gas reserves, produces methane by exploiting the reservoirs included in the company's portfolio and stores natural gas in underground storages; it performs well interventions, workover and special operations, and ensures technological transportation professional services. In 2013, Romgaz extended its scope of work by taking over the Iernut thermoelectric power plant, and thus it also became an electric power supplier.
 
Chief Executive Officer,
Constantin Adrian VOLINTIRU




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