Romanian Romgaz is commissioning a new well at its largest onshore gas field

Romanian natural gas company Romgaz (BVB: SNG) has commissioned a new well (Damianca 55) in Caragele – the largest onshore natural gas field it operates in the country, Energy Minister Sebastian Burduja announced on November 11. Economica.net.

“As long as we have natural gas, we must extract it,” Minister Burduja said.

Romgaz officials avoided any comment as the company is in a quiet period before the release of its third-quarter financial results.

In December 2023, Romgaz awarded the contracts for drilling two wells in the deep Caragele area, an area estimated to have 30 billion cubic meters of gas and where the company had only one well in operation at the time.

“Of particular interest is considered the deep area on Caragele, discovered after drilling wells 55 Damianca and 77 Rosetti. Through these wells, during production tests, industrial flows of approximately 0.11-0.22 million standard cubic meters per day Gas and 14 to 59 tons of condensate were obtained per day,” Romgaz said in the specifications for the contract.

Romgaz’s total hydrocarbon production reached 23.8 million barrels of oil equivalent in the first nine months of this year, an increase of 4.7% compared to the first nine months of the previous year. Natural gas production increased by 4.4% to 3.67 billion cubic meters, and condensate production by 54% to 25,400 tons.

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(Photo source: Inquam Photos/Adel Al-Haddad)