Romanian Oil Industry Strives for a Comeback Foreign Oil Companies Drilling Deep Test Sites

By Colin Woodard, Monitor | The Christian Science Monitor, May 2, 1995 | Go to article overview

Romanian Oil Industry Strives for a Comeback Foreign Oil Companies Drilling Deep Test Sites


Colin Woodard, Monitor, The Christian Science Monitor


ROMANIA'S oil and gas industry has been in decline for a long, long time.

Perhaps the world's first major commercial oil producer, Romania still has the largest reserves in Eastern Europe. But the massive oil fields near Ploiesti and Bacau -- seized by Hitler to run his war machine, bombed mercilessly by the Allies, and exploited to fund former dictator Nicolae Ceausescu's mad prestige projects -- are clearly running dry. Oil production has slumped by 53 percent since 1975, forcing Romania to spend an ever-increasing share of its hard-currency earnings on energy imports. Such imports -- much of it crude oil -- now comprise two-thirds of total imports.

"It's necessary to spend far too much of our export earnings on raw materials like energy," says Romanian economist Ilie Serbanescu. "There's never enough money remaining to import needed technology and modern equipment."

But there are high hopes that newly commenced exploration work may give the oil and gas industry a new lease on life, improving the country's economic prospects. Three major Western oil companies -- the British-Dutch giant Shell, Chicago-based Amoco Corporation, and Britain's Enterprise Oil -- are each engaged in drilling test wells at sites in Transylvania, the eastern Carpathians, and the Black Sea respectively, in an effort to locate deep new reserves of oil and natural gas.

Significant fields

"We're looking for significant fields," says Michael Adams, president and residential manager for Amoco Romania. "We're a big company and it's going to have to be something more than average size-field to justify our setting up an operation here."

If significant reserves are found, a single production operation would likely cost hundreds of millions of dollars, and possibly as high as $1 billion -- as much as has been invested by all foreign companies operating in post-Communist Romania to date.

"This would be an enormous boost for the Romanian economy," says Miron Bojinca, a Romanian Development Agency petroleum expert. "It will probably be several years before we know what's out there."

Petrom, the Romanian state oil and gas company, has been searching for new reserves for years, but lacks the modern exploration and drilling equipment required to explore deep reserves on the six blocks it retains. …

The rest of this article is only available to active members of Questia

Already a member? Log in now.

Notes for this article

Add a new note
If you are trying to select text to create highlights or citations, remember that you must now click or tap on the first word, and then click or tap on the last word.
One moment ...
Default project is now your active project.
Project items

Items saved from this article

This article has been saved
Highlights (0)
Some of your highlights are legacy items.

Highlights saved before July 30, 2012 will not be displayed on their respective source pages.

You can easily re-create the highlights by opening the book page or article, selecting the text, and clicking “Highlight.”

Citations (0)
Some of your citations are legacy items.

Any citation created before July 30, 2012 will labeled as a “Cited page.” New citations will be saved as cited passages, pages or articles.

We also added the ability to view new citations from your projects or the book or article where you created them.

Notes (0)
Bookmarks (0)

You have no saved items from this article

Project items include:
  • Saved book/article
  • Highlights
  • Quotes/citations
  • Notes
  • Bookmarks
Notes
Cite this article

Cited article

Style
Citations are available only to our active members.
Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

(Einhorn, 1992, p. 25)

(Einhorn 25)

1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

Cited article

Romanian Oil Industry Strives for a Comeback Foreign Oil Companies Drilling Deep Test Sites
Settings

Settings

Typeface
Text size Smaller Larger Reset View mode
Search within

Search within this article

Look up

Look up a word

  • Dictionary
  • Thesaurus
Please submit a word or phrase above.
Print this page

Print this page

Why can't I print more than one page at a time?

Help
Full screen

matching results for page

    Questia reader help

    How to highlight and cite specific passages

    1. Click or tap the first word you want to select.
    2. Click or tap the last word you want to select, and you’ll see everything in between get selected.
    3. You’ll then get a menu of options like creating a highlight or a citation from that passage of text.

    OK, got it!

    Cited passage

    Style
    Citations are available only to our active members.
    Buy instant access to cite pages or passages in MLA, APA and Chicago citation styles.

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn, 1992, p. 25).

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences." (Einhorn 25)

    "Portraying himself as an honest, ordinary person helped Lincoln identify with his audiences."1

    1. Lois J. Einhorn, Abraham Lincoln, the Orator: Penetrating the Lincoln Legend (Westport, CT: Greenwood Press, 1992), 25, http://www.questia.com/read/27419298.

    Cited passage

    Thanks for trying Questia!

    Please continue trying out our research tools, but please note, full functionality is available only to our active members.

    Your work will be lost once you leave this Web page.

    Buy instant access to save your work.

    Already a member? Log in now.

    Author Advanced search

    Oops!

    An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.