22 Jun 2018 12:42
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June 22, 2018
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A N N O U N C E M E N T
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Societatea Nationala de Gaze Naturale "ROMGAZ" S.A. informs its shareholders and investors on continuing the exploitation of some petroleum blocks by concluding addenda to Petroleum Agreements.
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The positive results, obtained by implementing the works program set in the annual petroleum operating programs, have led to an increase of the initial volume of proven reserves, for a number of eleven blocks, respectively: Roman, Chirpar, Paingeni, Tarcesti, Sausa, Zau de Campie Saulia, Petis, Sabed, Taga, Alunu and Retis.
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S.N.G.N. Romgaz S.A. and A.N.R.M. agreed to continue the petroleum exploitation activities in the afore-mentioned blocks by concluding addenda on extending the exploitation period. According to the provisions of art. no 27 paragraph (2) of Petroleum Law no 238/2004, the initial concession period may be up to 30 years, with the possibility to be extended by maximum 15 years.
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Upon approval of the addenda, by Resolution of the Romanian Government, S.N.G.N. Romgaz S.A. is going to identify a long-term exploitation potential which aims at ensuring a constant efficient reserve replacement rate.
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Director General,
Adrian Constantin VOLINTIRU
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