Foreign oil companies will have invested over $260m by the end of 2004 in drilling and production operations on the Romanian market. The total investments on this market are estimated at some $430 million, sources in the National Mineral Resources Agency (ANRM) told Ziarul Financiar. The investments were made between 1993-2004. Leading international oil companies, such as Anglo-Dutch group Shell, French TotalFinaElf, US-based Conoco or Amoco - now held by British Petroleum, have lost more than $100 million in the last decade banking on a Romanian "El Dorado." Thus, they have been gradually left behind in the race for natural gas and crude oil by the small and medium-sized independent enterprises, which are now engaged in a fierce competition on the market. ZF
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