energyobserver

IN 2017, ROMANIA HAD THE LOWEST EU GAS PRICE IN EURO FOR THE HOUSEHOLD CONSUMERS – EUROSTAT / ENERGYNOMICS.RO

In 2017, Romania recorded the lowest price in euro for natural gas for household consumers, among EU member states, according to data published by the European Statistics Office – Eurostat. The comparison that considers the purchasing power parity (ppp) – which is the value of a currency expressed in terms of the amount of goods or services that one unit of money can buy – shows that the Romanian price was slightly lower (1.57%) than the EU average. The price has increased by 0.65% in the last four years

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With an initial production of 1,700 boe/day, LVO7 ranks among top 10 producing wells in OMV Petrom’s portfolio. Lebada Vest is the biggest offshore oil field in Romania which is currently in production. It was discovered in 1984 and has already been producing for decades, thus facing the challenges and strong investment needs related to a mature field, says the company. Since the last decade of the 20th century, the drilling technology has improved significantly, with successful multilateral drilling in a vertical probe, writes engineer Sorin Alexandru Avram, in his doctoral thesis (2017, Petroleum-Gas University of Ploieşti). In most cases, building a multilateral well will cost more than a vertical or horizontal probe, the quoted expert explains, while “economic benefits will derive mainly from increased production and reserves”. Exploration in the Romanian continental shelf of the Black Sea started in 1969. The first hydrocarbon discovery was in 1980, and the first production in the Black Sea started in 1987. Currently, OMV Petrom has exploration, development and production operations in the shallow waters (Istria block) and exploration operations in partnership with ExxonMobil in deep water areas (Neptun Deep). Oil and gas production in shallow waters (Istria block) amounts to approximately 30,000 boe/day, accounting for around 18% of the group’s domestic production. The production comes from five producing fields: Lebada Est (discovered in 1980), Lebada Vest (discovered in 1984), Sinoe (discovered in 1988), Pescarus (discovered in 1999) and Delta (discovered in 2007).

OMV PETROM STARTED PRODUCTION FROM THE FIRST MULTILATERAL WELL DRILLED IN ROMANIA / ENERGYNOMICS.RO

AT 30 DEGREES CELSIUS, RADET AND ELCEN YET TO FIND THE WAY TOWARD COMMON REORGANIZATION. WHAT WILL BE AT MINUS 15 DEGREES CELSIUS? / ENERGYNOMICS.RO

The adoption of a joint plan of measures for the reorganization of the RADET-ELCEN centralized heating system in Bucharest was postponed after the last meeting of the ELCEN creditors’ committee, on August 7th, found the refusal of the RADET judicial administrator to enforce the decision of the RADET Creditors Committee, in May, on asset restructuring.

HIDROELECTRICA’S NEW BUSINESS PLAN WILL BE PRESENTED NEXT MONTH TO SHAREHOLDERS / BOGDAN TUDORACHE / ENERGYNOMICS.RO

Hidroelectrica is preparing a new business plan that will be presented to its shareholders „no later than September,” says Bogdan Badea, president of the company’s Directorate, while announcing exceptional results for the first six months.

CHINESE TARIFFS ON US GAS EXPORTS MAY SHIFT THE GLOBAL MARKET / ENERGYNOMICS.RO

China’s threats of new tariffs on $60 billion worth of U.S. imports will create shifts in the energy market, as American liquefied natural gas makes the list of goods Beijing will target, analysts said, according to CNBC. If implemented, China’s proposed 25 percent tariff on U.S. LNG will cause shifts in the LNG market.

MEYER, FP: IT IS ESSENTIAL TO PROPERLY IMPLEMENT THE CURRENT LEGISLATION ON CORPORATE GOVERNANCE / ENERGYNOMICS.RO

For nearly two years, frontier market Romania has been on index provider FTSE’s watch list for a possible upgrade to emerging-market status. However, some issues remain over the market’s attractiveness for foreign investors, while Romania must maintain and properly implement the current legislation on corporate governance, especially for state-owned enterprises, says Johan Meyer, senior vice president and CEO of Franklin Templeton Investment Management Ltd UK, Bucharest Branch.

ROMGAZ LOOKS FOR A NEW GENERAL MANAGER / ENERGYNOMICS.RO

Romgaz, the largest producer and the main natural gas supplier in Romania, started the recruitment process for a new general manager. The announcement was published, the selection for the post of General Manager being carried out in accordance with GEO no. 109/2011, modified and approved by Law no. 111/2016 on Corporate Governance of Public Enterprises.

THE WORLD RELIES ON RUSSIA TO BUILD ITS NUCLEAR POWER PLANTS / ENERGYNOMICS.RO

In march 2011 a tsunami engulfed the Fukushima power plant in Japan, ultimately causing a meltdown. The worst nuclear disaster since Chernobyl, it was a devastating blow to an industry that has been in the doldrums since the 1980s. Nuclear plants closed around the world. The amount of electricity generated by nuclear power plunged 11% in two years and has not recovered since. Within this declining industry, one country now dominates the market for design and export of nuclear plants: Russia.

LITTORAL STATES TO SIGN DOCUMENT ON CASPIAN SEA STATUS

Five littoral states -- Azerbaijan, Iran, Kazakhstan, Russia and Turkmenistan -- on Sunday will sign a document on the legal status of the Caspian Sea.