Petrom will invest 950 million euros annually, between 2008 and 2010, for securing the oil and gas production after 2040, when they are estimated to be fully depleted, General Manager of the company Mariana Gheorghe told a press conference on July 23.
She said that 150 million euros from this sum would go to exploration.
"Despite a stabilization in the production of crude oil and gas in 2007, the continuous decline which started 30 years ago will continue in the coming five years, unless exceptional measures are taken, and the oil and gas reserves can get fully depleted in the next 15-20 years. That is why we have planned substantial investment in supporting production after that date. We estimate a slight increase in the crude oil production this year, " Gheorghe said.
Petrom announced in early June it will invest in the coming three years 1.5 billion euros annually, with the decision made after a new analysis of the strategic targets for 2010, in the context of a high price for crude and a global financial crisis.
In 2008, Petrom has selected several projects in renewable energy, which need a budget of over 2.3 million euros, for 2008-2009, company officials said.
The projects regard an assessment of the geothermal potential of Romania, with depleted oil and gas reservoirs being used for producing energy, the identification of opportunities for producing biogas from biomass, the separation of carbon dioxide from the production of gas and its reinjection in the reservoir, for increasing the recovery factor for crude oil, an assessment of the market for developing wind energy projects, etc.
Petrom, the biggest producer of oil and gas in South-Eastern Europe, is promoting projects in renewable energies, with a view to increasing energy efficiency. After the model of OMV Future Energy Fund, Petrom has made a working group for identifying such projects, potential partners, funding ways, and for supporting the implementation of such projects in the company.
"With the demand of energy on the rise, and with hydrocarbon reserves being limited, we have seen a high rise in the price of hydrocarbons and energy. To meet these challenges, we have to find viable solutions for security in supplying energy on a long term. I am thinking of projects leading to a drop in energy consumption and to an efficient use of energy, with good impact on the environment’ Gheorghe said.
Scenarios of the European Union put the rise in energy demand at 46% by 2020, from 2005.
A Petrom strategy has taken into account also electricity, a decision has been made to built a gas-fired station at Brazi, southern Romania. It will significantly contribute to an increase in the energy security of Romania, and to smaller negative impact on the environment, due to the fact that gas is not so polluting.
In alternative energy, the working group from Petrom is made up of experts at the level of each business segment. In cooperation with OMV Future Energy Fund, it selects and supports projects in renewable energy and energy efficiency, with good impact on the environment, by diminishing gas emissions with greenhouse effect.
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