By Jerom Bolt
The largest natural gas producer in Romania last year recorded an increase in crude methane gas production of 11.3%, compared to 2020. However, production remains below the levels reached before the outbreak of the pandemic.
Romgaz states that the information it provided to the Bucharest Stock Exchange is preliminary. The information in the report is subject to change and may differ from the figures to be published in the report for 2021. The consolidated financial results for 2021 will be published on 25 February 2022. Romgaz has extracted almost 5.03 billion cubic meters of gas in 2021, up from 4.52 billion cubic meters extracted the previous year. This amount represents between 40-50% of Romania’s domestic consumption, depending on the economic situation, industrial and domestic consumption.
Last year, Romgaz also supplied third parties with 4.96 billion cubic meters of gas from its own production, up 12.7% from the 2020 level.
On the other hand, electricity production in 2021 was 640 GWh, at the Iernut gas plant, down 31% compared to 2020.
The Romgaz documents show that based on the new discoveries made for 2020, the annual reserve replacement rate (RRR) was estimated at 60%.
In the first half of 2018, the process of external audit of the reserves and contingent resources of natural gas in the Romgaz patrimony by the American company DeGolyer & MacNaughton took place: >>> Total Contingent Resources of 78.4 billion cubic meters (+ 55% compared to Dec2015) ; >>> The average replacement rate of reserves in the last 5 years of 78% – well above the company’s target of 70%.
Romgaz is the largest natural gas producer in Romania. The company, headquartered in Mediaș, conducts geological research, produces methane gas, stores underground natural gas, and provides services in the gas fields.
Romgaz, controlled by the state, reported for 2021 a preliminary net profit of 1.7 billion lei.
The Romgaz Group includes: SNGN Romgaz SA as a parent company, the Natural Gas Storage Subsidiary Depogaz Ploieşti SRL (100% owned by Romgaz SA) and the associates SC Depomureş SA (40% owned by Romgaz SA) and SC Agri LNG Project Company SRL (owned 25 % of Romgaz SA).
By Jerom Bolt