Kazakhstan, Astana, April 2 / Trend D. Mukhtarov /
KazMunaiGas national company's subsidiary Rompetrol Group has started drilling an exploration well on the Zegudzhani block (Romania), the Kazakh national oil and gas company KazMunaiGas said on Monday.
The amount of investment made in the project by late 2013 will reach more than $10 million. This regional block is being developed within the group's general strategy for the development of the company's activity in the upstream sector.
The Lupsha well - SAT 1 is located near the village of Samarinesht (Gorj county), 300 km north of Bucharest. The design depth of the well is 4.2 kilometres. The company has had the rights to explore and operate the block since 2004.
Rompetrol Group's experience in oil and gas exploration operations and production of crude oil and well service exceeds 30 years.
"We want to improve the efficiency in exploring and producing hydrocarbons in the near future within the existing projects in Romania (development of five licensed blocks) and rendering the drilling services and maintenance," Rompetrol SA director, Rompetrol Group upstream division, George Georgescu said. "We want to strengthen our presence in the Black Sea region with the support of the sole shareholder KazMunaiGas and continue investing in exploration blocks owned on the basis of concession agreements."
The Rompetrol Group started drilling the Fokshan block in July 2012 under the concession agreement of 2005. The company is also exploring the concession area Satu Mare together with the Canadian company Vinstar Resources and U.S firm Amromko Energy on the Greshu and Nerezhu blocks.
Moreover, Rompetrol Group has rich experience in delivering a wide range of specialised services for drilling and well service. It plans to expand operations in North Africa and the Middle East in the near future.
KazMunaiGas JSC is Kazakhstan's national exploration, production, processing and transportation operator. All of its shares belong to the Sovereign Wealth Fund Samruk-Kazyna.