Stratum Energy Company has started the production of oil and natural gas in the Moinesti perimeter
The American-based Stratum Energy Company has started the production of oil and natural gas in the Moinesti perimeter of the Poduri oilfield in Bacau County, northeast of Bucharest. It has already invested more than 70 million dollars in Romania.
A company's release mentions the intention of investing 150 million dollars more in 2015, provided the Romanian authorities issue the necessary authorization. Stratum Energy is also going to continue seriously investing in the exploration and exploitation in the Moinesti perimeter after 2015.
Stratum commits to investing in Moinesti and in Romania. The gas in Poduri will help the country advance towards its goal of energy independence, thus contributing to increase the stability in the region. We are thrilled by the beginning of optimal production in Poduri, and looking forward to becoming an active contributor to Romania's energy security, Stratum CEO Qasim Sharif declared.
The two rigs (Poduri 1 and 2) currently have a daily output of 450,000 cubic metres of gas, plus 100 cubic metres of condensate and light crude oil. A modern drilling equipment built this year is currently working at the Poduri 3 well, and should subsequently drill 9 more wells.
The company has also built a pipeline with a daily capacity of 4 million cubic metres, connecting the Poduri reserve to the national gas transmission system operated by Transgaz.
One week ago, Minister Delegate for Energy Razvan Nicolescu announced that Stratum Energy is to become the third gas producer of Romania, after investing here 150 million dollars in 2015.
'The Stratum Energy Company will become Romania's third gas producer, next to Romgaz and Petrom, with an annual output of more than 0.5 billion cubic metres, following investments worth more than 150 million dollars in our country next year, to develop its recent conventional gas discoveries in Moinesti, Bacau County,' Nicolescu said after meeting representatives of American oil companies during a visit to the United States.