Romania Oil And Gas Profile
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Introduction

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History

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Regulation

  • The oil sector in Romania is regulated by the Petroleum Law no. 238/2004 and its Implementing Rules approved by GD no. 2075/2004 representing primary legislation in this area.

Upstream

  • Oil production in Romania has steadily declined over time. Total crude oil and other liquids production in Romania was 104,000 bbl/d in 2013, down from around 134,000 bbl/d in 2003. Romania has the fourth-largest crude oil reserves in Europe with 600 million barrels of proved reserves as of January 1, 2014, according to OGJ estimates.
  • Dry natural gas production has declined steadily over the past three decades, from its peak of 1.4 trillion cubic feet (Tcf) in 1983 to 375 billion cubic feet (Bcf) in 2012. Romania has the fifth-largest natural gas reserves in Europe with 3.7 Tcf of proved reserves as of January 1, 2014.

Active Companies

  • Romgaz is the largest natural gas producer in Romania, in which the State is the major shareholder

Crude Oils

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Midstream

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LNG

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Downstream

  • Romania has nine crude oil refineries with a total capacity of 467,642 barrels per day (bbl/d) according to the Oil & Gas Journal (OGJ), which is among the largest refining capacities in Eastern Europe.
  • Although Romania's refineries operate below capacity, refinery output exceeds domestic consumption

Relevant Links

  1. National Agency for Mineral Resources
  2. Petrrom
  3. Romgaz
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