Romania, one of the oldest producing regions in the
world, witnessed peak oil production in 1976. There are few remaining
prospects in the main oil provinces located in the eastern and southern
Carpathians and other areas are also in decline.
Gas is mainly produced in central Romania from the Pannonian basin and
this too has peaked with no chance that continued decline will be
Some small amounts of oil and gas have been produced offshore in the
Black Sea but, despite efforts by foreign companies, little potential is
now recognised, even though some modest growth is possible from small
identified accumulations. Resoultion of a land rights dispute with
Ukraine may eventually lead to increased activity.
recovery in oil consumption has occurred in Romania although little
further growth is now expected through to 2016, when higher prices will
kick in with the increasing need for imports moderating demand.
Gas consumption is forecast to increase whilst indigenous production
declines. Imports from the Former Soviet Union will grow rapidly after
rising from 2001. There was a sharp downturn in imports in 2007.