Mazarine Energy: Romania has reserves of one billion barrels of oil, we will continue to invest in the on-shore area

By Emea Riga
While the Austrians at OMV are exploiting the most cost-effective crude oil resources and sabotaging our off-shore projects, Americans have reported the wrong policy of OMV and are investing in Romania. Romania has oil reserves in excess of one billion barrels, says Spencer Coca, country manager of Mazarine Energy, a company part of American Carlyle, who bought several marginal production fields from OMV Petrom.
“For Romania, there is very good news and we should not forget it. Romania has oil reserves in excess of one billion barrels. If we value this resource, we realize that there is a very high value, and this value is expected to be achieved, and we want to be part of it, “said Mazarine official at a conference.
“We see potential on-shore in Romania. Romania has a very high tradition in this field and needs investments to realize this potential, “said Spencer Coca.
“Romania has a lot of mature deposits, it is among the top five oil producers in Europe. This type of low-pitched field, requires a certain type of operation and a certain type of investment in infrastructure, and the profit margin is very small and therefore the cost structure is very important.
We have 28 perimeters at this time. We want to grow in the on-shore region, we are not going to go to the off-shore area, because Black Sea Oil & Gas is the sister company. Our goal is to become the largest on-shore producer in Romania, independent, unlisted.
We will continue to invest another 50 million dollars, we will drill, “Coca said.
The reserves estimated by the Mazarine official are over what has been reported so far. According to the BP Statistical Review of World Energy 2018, Romania has total oil reserves of 600 million barrels.
OMV Petrom has signed an agreement on the transfer of licenses for nine onshore (offshore) oil and gas perimeters in Romania to Mazarine Energy Romania, which also took over 19 other OMV Petrom marginal deposits last year.
The nine deposits, located in the Moineşti Zemeş area, have an aggregate oil and gas production of about 1,000 boe (barrels equivalent oil-equivalent) per day, and are part of the second outsourced deposit package under the program Upstream portfolio optimization.
These deposits represent less than 1% of the current production of OMV Petrom. The first round of portfolio optimization, which included 19 marginal deposits, was completed in August 2017 with the transfer of licenses to Mazarine Energy.