NIS plans to conduct seismic works in Romania

NIS link will open new window (the daughter company of the Russian Gazprom Neft) and the Hungarian company Acoustic Geophysical Services link will open new window (AGS) have executed the contract in accordance to which the AGS specialists will conduct 2D and 3D field seismic survey in amount of 545 sq. km. and 84 line km accordingly at the territory of the Tria concession block (Romania).

In future, processing and analysis of these data would allow accurate determination of possible structures for drilling of exploratory wells at the Tria concession block and potential oil and gas reserves to a maximum possible extent. All field works are aimed at search and exploration of traditional oil and gas reserves and will be conducted using globally recognized oil and gas technologies in strictly in accordance with the Romanian Law and industry rules and regulations. The results of the already conducted exploration works allow speaking about the probability of several new hydrocarbon deposits discovery at the block’s territory. This is also confirmed by the fact that there are several deposits discovered within that block, which are being developed by the leading Romanian and foreign oil and gas companies. According to the plan drilling of the first exploratory well at the Tria block will start at the beginning of the next year, and by the end of 2014 at least 3 wells shall be drilled. Total investment volume will amount to approximately 21.2 million euro at this project implementation phase.

Exploration at the Tria concession block is conducted within implementation of the agreements related to exploration and development of 4 concession blocks at the territory of Romania (Тria, Baile Felix, Periam, and Biled) executed in 2011 between the Romanian National Agency for Mineral Resources and the Canadian company East West Petroleum. East West Petroleum’s partner in this project is NIS Petrol S.R.L., the daughter company of NIS in Romania, having the operator status. Shares in the project are allocated in the following way: 85% and 15% in favour of NIS Petrol S.R.L. The final ratification of the permits, licenses and approvals from the side of the Romanian government with regard to the other three blocks is expected at the moment. After ratification is completed the geologic exploration will start there also.