Canadian company EnCana, one of the biggest independent producers of crude oil and gas in North America, wants to begin gas production in Romania, sources in the National Agency for Mineral Resources (ANRM) told Ziarul Financiar.
EnCana has revenues of over 10.2 billion dollars (9 billion euros) and makes net profits of 2.4 billion dollars (2.1 billion euros). The company is listed on Wall Street where it is valued at somewhere in the region of 35 billion dollars.
A powerful delegation from the Canadian giant led by the company's deputy chairman, Mark Cooper, recently visited Romania to identify the possibilities of producing gas.
"EnCana has been looking into the possibilities of obtaining concessions for gas production in Romania, but we do not have much to offer them. Our discussions with them have shown that they are interested in a larger framework in Romania than that of exploration operations, which would suggest a possible interest in Romgaz Medias. Attracting a company the size of EnCana would be quite beneficial to Romania," said the ANRM sources.
Romanian authorities are preparing to sell Romgaz Medias, one of the largest producers of gas in Central and Eastern Europe.
For the time being, the floating of a stake of up to 5% in Romgaz Medias, one of the most profitable companies still held by the state, is scheduled for this year.
The company could also attract other giants that are already present on the Romanian market, such as Ruhrgas E.ON, which will take over Distrigaz Nord, and Gaz de France, which has already acquired 51% in Distrigaz Sud.
"EnCana is considering exploration activities at a select number of international locations, but the process is largely confidential due to its competitive nature," officials of the Canadian firm told Ziarul Financiar.
The Canadian company approached the Romanian market last year, when they researched the available areas for exploration and production activities.
The market for exploration and production in Romania is almost saturated and is dominated by two major producers - Petrom and Romgaz Medias - and by foreign operators already active on the market including Wintershal, Falcon Energy and Sterling Resources.
According to the latest information, around three quarters of Romania's surface area has been leased for oil operations. adrian.mirsanu@zf.ro
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