Most funds were invested to modernize gas compression stations and oil wells. Romgaz plans to expand internationally, both on natural gas and oil segments. “We established an international relations division, to find opportunities on international markets. We are interested in any country where we can operate on the natural gas segment, but we also count on energy production,” said Toth.
The company will start to exploit gas in Poland and Slovakia in partnership with British Aurelian Oil & Gas company.
Romgaz posted net profit worth €77.6 million in H1 2008, 41 percent higher year-on-year, and €477.5 million in turnover, 7.2 percent higher year-on-year. Gas production decreased by 1.5 percent, to 2.9 billion cubic meters. The other large natural gas producer locally is energy group Petrom, controlled by Austrian OMV group.
