Oil companies have logged exploration costs worth about 370 million dollars between 1993-2002, with more than $212 million accounting for investments of foreign companies operating in this field, according to officials of the National Agency for Mineral Resources (ANRM).
The foreign companies that came to Romania to drill for oil and natural gases include Shell (with oil exploration investments worth $70m), Amoco (now part of the British Petroleum), British company Ramco Energy, TotalFinaElf (France), US-based Conoco, Germany's Wintershall and Tullow Oil (Ireland).
There are also Romanian companies looking for oil: SNP Petrom and Romgaz Medias. In the near future, private oil group Rompetrol is also likely to go into exploration works and production of hydrocarbons in Romania.
According to ANRM, 39 crude and gas structures were identified following the technical and financial efforts of the oil operators.
More than 70% of the Romanian territory falls under petroleum concession agreements, ANRM sources say.
On January 1, 2002, five concession agreements were about to be granted, eight had been signed with foreign companies, 18 with SNP Petrom, 14 with Romgaz and one with GTI (a private Romanian company). Although Romania is deemed by specialists as a "mature" country in terms of oil deposits - the first production operations were recorded in 1857 for petroleum and in 1909 for gases, ANRM experts say that more than 20% of the gas and oil potential remains untapped.
The success rate of oil exploration works amounts to 15%-20%, according to specialists. "Oil drilling businesses come with considerable risks, so the companies operating in this field have great financial power and can afford to lose a lot of money," experts say.
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