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Summary | Profile

Country profile: Romania

Location: Southeastern Europe, bordering the Black Sea, between Bulgaria and Ukraine
Climate: temperate; cold, cloudy winters with frequent snow and fog; sunny summers with frequent showers and thunderstorms
Terrain: central Transylvanian Basin is separated from the Plain of Moldavia on the east by the Carpathian Mountains and separated from the Walachian Plain on the south by the Transylvanian Alps
Size: 237500 sq. km total (Land area: 230340 sq. km  Water area: 7160
Population: 22,246,862 (July 2008 est.)
Languages: Romanian 91% (official), Hungarian 6.7%, Romany (Gypsy) 1.1%, other 1.2%
Government: republic
Capital city: Bucharest
Legal system: based on civil law system; has not accepted compulsory ICJ jurisdiction
Currency: "new" leu (RON) was introduced in 2005; "old" leu

Country profile

The countries of Southeastern Europe--Romania, Bulgaria, and Moldova-- have had problems transitioning from centrally-planned economies to a market-based economies. Both Bulgaria and Romania were significantly affected by the economic embargo placed on Yugoslavia in the 1990s, suffering billions of dollars in GDP losses due to disrupted trade, transport, and investment. While Moldova was less affected economically by the wars in the former Yugoslavia, its own civil war began soon after its independence, paralyzing the country's already stagnant economy. Armed conflict has subsided, but Russian settlers and Moldovans on the left bank of the Dnistr River still maintain the secessionist Transdnistrian Republic, created when the fighting reached a stalemate.

Both Romania and Bulgaria joined the North Atlantic Treaty Organization (NATO) in March 2004 and aspire to membership in the European Union (EU). Romania concluded energy negotiations necessary for EU membership in June 2004, and in October 2004, the European Commission (EC) designated Romania a “functioning market economy,” another prerequisite for EU membership. In February 2005, Bulgaria announced that its energy sector was 66 percent privatized in accordance with EU directives. Both Romania and Bulgaria are working with the International Monetary Fund (IMF) to bolster their economies, showing solid real gross domestic product (GDP) growth rates in 2005 of 4.1 percent in Romania and 5.5 percent in Bulgaria. Unlike Romania and Bulgaria, Moldova is not currently being offered EU membership and has only received an Action Plan within the European Neighborhood Policy (ENP).

Implementation of the EU-Moldova Plan will require a modernization of the economy and a more welcoming environment for investment and business. Since privatization was initiated in 2000, Moldova’s GDP has continued to increase, with GDP growth of 7.1 percent in 2005. Despite the rapid growth of recent years, Moldova remains one of the poorest countries in Europe.

Energy production and consumption

Oil Gas
Production: 122,700 bbl/day (2005 est.) 12 billion cu m (2007)
Consumption: 236,000 bbl/day (2005 est.) 17 billion cu m (2007)
Exports: 92,510 bbl/day (2005 est.)  
Imports: 181,100 bbl/day (2005 est.) 4 billion cu m (2007)
Reserves: 955 million bbl (1 January 2006 est.) 96 billion cu m (1 January 2006 est.)
Major fields:

Romania - recent news

14 Sep 20
Romania: ADX Energy provides update on acidisation and flow testing of Iecea Mica-1 well
ADX Energy has advised that the IMIC-1 well was acidised and back flowed 10th and 11th of September 2020 with the assistance of nitrogen injected to the bottom of the well using coiled tubing.
08 Sep 20
Romania: Tamaska cancels EX-10 Parta exploration licence farm-in transaction with ADX Energy
ADX Energy has received a notice from Parta Energy (a wholly owned subsidiary of ASX listed Tamaska Oil & Gas) that the board of Tamaska have decided not to proceed with the farmin transaction relating to the EX-10 Parta Exploration licence in Western Romania.
07 Aug 20
Romania: ADX Energy preparing to acidise and flow test Iecea Mica-1 well, onshore Romania
ADX Energy has commenced contracting the necessary services to undertake acidisation and flow testing the Iecea Mica-1 (IMIC-1) in Iecea Mare Production License onshore Romania.
21 Jul 20
Romania: ADX Energy provides update on flow test operations at the Iecea Mica-1 well, onshore Romania
ADX Energy has advised that there has been a delay to ongoing well flow testing programs at the Iecea Mica-1 (IMIC-1) well site at the Iecea Mare Production License onshore Romania due to the reinstatement of COVID-19 border restrictions in Romania.
02 Jul 20
Romania: ADX Energy provides update on flow test operations at the Iecea Mica-1 well, onshore Romania
ADX Energy has provided an update regarding ongoing well flow testing work at the Iecea Mica-1 (IMIC-1) well site at the Iecea Mare Production License onshore Romania. The production equipment required to flow test the well has been run into the well and the well has been perforated to initiate flow from the Pa IV gas reservoir.

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