Romgaz Finds Natural Gas Deposit E Romania

"This is the result of the intense drilling program started by Romgaz back in 2006, developing on the eight drilling perimeters, which led to discovering the gas deposits in Baia, Mircesti, Davideni, Mecea, Movila, Varvata and Icland," Romgaz’ director general Francisc Toth said.

State-owned Romgaz is the main natural gas producer in Romania and owns the most important gas deposits countrywide.

Romgaz Medias reported a preliminary profit before tax of 834.32 million lei (EUR1=RON3.5705) in 2007, up 15% compared with RON719.85 million a year before.

Romgaz has an output of around 6 billion cubic meters per year, representing nearly 50% of the country’s total gas demand.

Romgaz is one of Romania’s major gas producers next to largest vertically integrated oil company Petrom (SNP.RO).