Rompetrol, the group run by businessman Dinu Patriciu could become the first vertically integrated private oil operator in Romania next year. The company is also about to be awarded the concession of a field in SW Romania and is already engaged in oil drilling operations abroad.
Drilling was the only missing link in Rompetrol's operations in Romania, given that the group already operates in the refining sector (through Petromidia and Vega Ploiesti refineries), logistics, transport (Rompetrol Logistics) and in the car fuel distribution through the 130 gas stations and the national storage network for wholesale distribution.
Rompetrol is about to go into oil drilling and production in Romania as it is very likely to win the concession of oil operations in the EIV-3 Zegujani perimeter.
Market sources say the winner will be officially announced in January, given that Rompetrol's bid seems to be better than those submitted by SNP Petrom and US-based Amromco. Experts say the signing of the concession agreement between the National Agency for Mineral Resources (ANRM) and Rompetrol Group and the ratification of this agreement by a Government Decision account for the actual start of the oil drilling and production operations.
Rompetrol is already an integrated oil group abroad, as it conducts oil drilling and production operations in Kazakhstan and Ecuador.
Initial investments in the Zegujani perimeter could amount to some $4 - $4.5 million, which would cover a minimal operations programme (the cost of the environmental impact survey, geological tests and a drill included), Rompetrol sources say.
The Rompetrol representatives have provided no official comment on this project so far.
Rompetrol Group's revenues, according to the IAS, amounted to $668 million last year, with profit revolving around $15 million. This year's projections show about one billion dollars in revenues.
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