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Romgaz S.A invests another 100 million euros in developing the largest natural gas field in Romania

By Edwig Ban

Romgaz S.A. will continue to develop the Caragele project, where over 100 million Euros will be invested in new exploitation and assessment wells, according to Virgil Metea, general manager of the company.
Romgaz management and the local authorities in Buzau and Braila (south-eastern Romania) met on Thursday to find common solutions so that the project can continue to grow at a rapid pace, with a positive impact on communities in the area, informs the company through a press release.
'Romgaz continues the development of the deposit, where investments have already reached 40 million euros, and in the next period we will invest about 100 million euros. The investments consist of the realization of a large number of exploration wells, conduits and collectors for wells with important results in the production tests to be put into production. It is good news both for the company and for the area because we show that we have the ability to make investments with beneficial effects for the economy, "said Virgil Metea.
Romgaz has made Caragele the largest breakthrough in a natural gas deposit of 30 billion cubic meters, according to the first estimates, and could cover consumption for three years, Energy Minister Toma Petcu announced in May, stating that the deposit was rated at least four billion dollars.
Romgaz is the largest natural gas producer and the main supplier in Romania.It is a joint stock company whose majority shareholder is the Romanian State owning a 70% stake. The company is listed on Bucharest Stock Exchange and GDRs are transacted on London Stock Exchange. The company has a vast experience in the field of gas exploration and production and a history that began in 1909 with the discovery of the first commercial gas reservoir in the Transylvanian Basin by drilling well Sarmasel. Romgaz undertakes geologic research in order to discover new gas reserves, produces methane by exploiting the reservoirs included in the company portfolio, stores natural gas in the underground deposits, interventions, workover and special operations on wells and technological transport.
Starting with 2013, Romgaz extended its scope of work by taking over the Iernut thermoelectric power station, and thus it became also electric power supplier.
The company dwells on the implementation of the latest technology in geologic exploration, gas production and underground storage, financed from our own or external sources. The company economic and financial position is characterized by the profit constancy and solvency. Thus, Romgaz is one of the state-owned companies that have fulfilled all the conditions for economic rise, turning into one of the most important companies Romania.

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