Europe / Caspian / CIS

Romania flag
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 sq.km)
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
Licensing:

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

26 Aug 25
Romania/Moldova: Qair consolidates position in Eastern Europe with 135.5 MW of secured wind projects in Moldova and Romania
Independent renewable energy company Qair has reached a new strategic milestone by signing a power purchase agreement for its 27.5 MW wind project in Moldova, winner of the country’s first competitive tender, and by securing a second 50 MW Contracts for Difference (CfD) award in Romania for its Cobadin wind farm.
11 Aug 25
Vestas wins 96 MW order in Romania
Vestas has secured a 96 MW order in Germany as part of its Q3 order intake. Customer is OX2 Construction AB. Turbine delivery is expected by Q2 2026 and commissioning by Q1 2027.
10 Aug 25
Romania: OX2 sells 96 MW onshore wind farm in Romania
OX2 has sold a 96 MW onshore wind farm to HELLENiQ Renewables, a wholly owned subsidiary of HELLENiQ ENERGY Holdings. The Ansthall wind farm is located in eastern Romania and will feature 15 Vestas 6.4 turbines.
31 Jul 25
Romania: Vestas signs 269 MW order to complete second phase of Romania’s largest wind farm
First Look Solutions S.R.L., a subsidiary of Rezolv Energy, has placed a 269 MW order with Vestas to complete the second phase of Vifor wind farm in Buzau Country, Romania. Once both phases are fully operational, the Vifor project will become the largest wind farm in Romania and one of the largest onshore wind farms in Europe, with a total capacity of 461 MW.
03 Jul 25
Romania: OMV Petrom has made a new natural gas discovery in Spineni, near Craiova
OMV Petrom, the largest integrated energy producer in Southeastern Europe, has announced the discovery of a new natural gas reservoir in Spineni, located around 70 km north-east of Craiova. Well tests proved a production potential of 1,300 boe/day from the discovery well.

Romania - more news

Other countries in this region




A global information service for upstream oil and gas opportunities - divestitures, farmins and farmouts and licensing rounds.


Subscriber Only Deals

Current Deals

Current Upstream Deals: 195

Completed Deals

Completed Upstream Deals: 6640

Company Profiles

Current Company Profiles: 2933

Corporate Activity

Current Corporate Activity articles: 4197

Companies Looking

Current number of articles: 466

Company Sales

Current Company Sales articles:1674

Geostudies

Current Geostudies articles: 1003

How to subscribe

energy-pedia Jobs

RSS Feed Widget
See all jobs...


energy-pedia Databank

The energy-pedia databank contains links to information on the world financial and energy markets, including share prices, oil and gas prices and the global stock exchanges. Read more...



energy-pedia Glossary

A list of commonly used terms in the oil and gas industry. Read more...

Subscribe

Subscribe to the FREE
energy-pedia Daily Newsletter
Subscribe

Syntillica
energy365
Borchwix
Telos NRG
Bayphase
OPC
Rose & Assocs
Union Jack Oil 149
Merlin
About energy-pedia

energy-pedia news is a FREE news service written and edited by E and P professionals for E and P professionals.

We don't just report the news, we give you the technical background as well, with additional information derived from our unique energy-pedia opportunities service.
Contact us

energy365 Ltd

238 High Street
London Colney
St Albans
UNITED KINGDOM

Tel: +44(0)1727 822675

Email: info@energy-pedia.com