Romania May Have “Significant” Untapped Oil Reserves

Romania may be able to find new oil deposits, since local drilling has not yet gone very deep, officials of British oil and gas producer Zeta Petroleum said Thursday.

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"There surely is more oil in Romania, since Romania has not been properly explored yet, only on the surface, not in depth," said Bogdan Popescu, Zeta Petroleum's country manager for Romania.

He added new deposits found locally should be relatively small compared to those in oil-rich states, but compared to local needs they should be significant.

British Zeta Petroleum was founded in 2005 and it is mainly active in Eastern Europe, exploring and producing oil and natural gas. In Romania, the company has multiple drilling projects.

Romania's largest oil producer OMV Petrom (SNP.RO) has proven oil and gas reserves of 823 million barrels.

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