“Works will start in 2025 and will last 32 months. Increasing the capacity of extracting natural gas from this deposit will ensure Romania’s secure natural gas supply and will also contribute to creating new jobs both during the period of construction works and during the operational period”, says Adrian Cretoiu, Chairman of the Board of Directors of Foraj Sonde Videle.
The project is co-financed from European funds and seeks to boost the extraction capacity at the Bilciuresti deposit up to 20 million cubic meters of natural gas per day, as per the report.
Foraj Sonde Videle has a market value of RON161 million. Ziarul Financiar (ZF) daily reported on Nov 3, 2024 that Iulian Stanciu, one of the best-known entrepreneurs in Romania, president of eMAG group, entered the shareholding structure of Foraj Sonde Videle, via the acquisition of a 33% stake from businessman Sever-Florian Raicu.
The company’s shareholding structure includes Sever-Florian Raicu and First All Energy Europe (16.1%).