Azerbaijan, Baku, Nov. 28 / Trend E. Kosolapova/
The Rompetrol Group affiliated to Kazakh KazMunaiGas (KMG) is drilling two new exploratory wells in the Satu Mare block in Romania, KMG reported on Monday.
"Total investments are estimated at over $5 million," the report said.
These two wells come as the first drilling operation of Pompetrol Group in five fields which the company owns in Romania. Earlier, the company allocated more than $1.2 million for technical survey in the country's northeast region.
The first exploration well with the depth of 1,800 metes will be drilled in Mederash region to explore the formation of Pliocene and Miocene period, and estimate oil accumulations discovered in the 1970s. The well to be drilled in the Moftinu with the same depth will explore the possible natural gas accumulations.
Survey work will be conducted by a joint team consisted of Rompetrol Group's employees and involved partners.
The Rompetrol Group is a 100 percent subsidiary of KMG.
Rompetrol is a large holding company. Most of its operations and assets are located in France, Romania, Spain, and Southeastern Europe. The group is active primarily in refining and marketing downstream, with additional operations in exploration, production and other services for the oil industry. It owns two oil refineries - Petromidia and Vega - and some 630 gas stations in Europe (Romania, France, Spain, Moldova, Ukraine, Bulgaria, Albania, and Georgia).
The company owns a 25-percent share of the petroleum product retail sales market in Romania, a 3.5-percent share of the market in France, and a 1.5-percent stake of the market in Spain. Rompetrol works in 13 countries in service and trading.
KazMunaiGaz - is Kazakh national operator for exploration, production, refining and transportation of hydrocarbons, representing the state interests in oil and gas industry of Kazakhstan. 100 percent of KazMunayGas's shares is owned by Samruk-Kazyna National Welfare Fund.
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