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Romania among the countries least affected by the Russia-Ukraine crisis thanks to its gas reserves

Romania among the countries least affected by the Russia-Ukraine crisis thanks to its gas reserves
 

Review Hari Stefanatos

Romania is one of Europe's least depended countries on Russian gas thanks to the country's domestic production, which covered nearly 90% of its gas consumption in 2013.

Romania’s gas production was of almost 11 billion cubic meters in 2013, which is 0.6 percent higher compared to 2012, with the domestic consumption being almost 12.5 billion cubic meters, 7.5 percent lower than in 2012.

Romania currently has 116 billion cubic meters of gas reserves, enough to cover the country's consumption for the next 9 years based on the current levels of consumption. These reserves place Romania in the 10th place among the countries with the largest gas reserves in Europe and Eurasia.

The gas discovery in the Black Sea is estimated at between 42 and 84 billion cubic meters, with exploitation expected to start in 2018, according estimates from OMV Petrom, which along with the American group ExxonMobil are responsible its exploitation.

In the last ten years, Romania’s gas production declined by 16 percent, from more than 13 billion cubic meters in 2003. However, domestic gas consumption dropped even more, by 32 percent, from 18.3 billion cubic meters, mainly because of the lower industrial demand from the closing down of certain industrial facilities and the gas price liberalization that started in 2013.

(Source: Romania-Insider)

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