“We are looking for smaller exploration projects, we want to participate in auctions here in Europe, we are looking everywhere, in Croatia, Montenegro, Bulgaria, all of them in offshore areas, but also in the countries from the Caspian Sea area. (…) We are interested in Black Sea blocks,” Romgaz sources told Mediafax.
The company announced Wednesday that, along with its partners Lukoil and PanAtlantic Petroleum, it plans to forgo the EX29 EST Rapsodia block in the Black Sea after their oil and gas exploration works failed to yield the results needed to continue the operations.
Romgaz reported a 16% decline in net profit in 2015, to RON1.18 billion (EUR265.7 million), on lower demand due to a mild winter season, while its turnover fell 9.8% to RON4.05 billion.
Romgaz is 70% owned by the Romanian state.