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E&P Industry

Romania

150 m

21

110

160

Baicoi to Constanta

National Agency for Mineral Resources (NAMR) held the most recent round of concessions in 2010, when it proposed for auction 30 blocks, out of which 20 blocks were awarded. Five of the concession are located on the Black Sea continental shelf, and were won by Lukoil Overseas & Vanco International, Melrose Resources & Petromar Resources and Petro Ventures BV. Among the winners of onshore blocks are Moesia Oil & Gas, MOL and Expert Petroleum. Also, Chevron received in concessions three blocks in Dobrogea. NARM expressed intention to hold a new round of concessions in 2014, with more than 30 perimeters available for biding.

Upstream company revenues are based on the amount of oil and gas the companies produce as well as the prices at which they can sell the oil and gas. The cost component of most upstream companies comprises a few major categories. Firstly, the lease operating expense is broadly the day-to-day cost of producing hydrocarbons — such as labor costs for employees in the field, maintenance costs, and repairs related to oil and gas properties. Plus, the oil and gas companies pay royalties that amounts from 3,5% to 13,5% of revenue, diferentiated on the size of the production from a deposit. Lastly, G&A (general and administrative) expenses include overhead such as the cost of office space, professional fees, and other overhead.

In Romania, companies generally do this by acquiring leasehold rights to areas where they can drill oil and gas economically. They might evaluate prospects through seismic surveys, core analysis (studying samples of rock), and drilling exploration wells. Once they deem an area economic, they drill further wells, and they sell oil and gas from these wells.

The upstream segment of the oil and gas industry is sometimes also called “exploration and production” or E&P, and the upstream companies explore for and produce hydrocarbons.

ROPEPCA

ROPEPCA was established in 2012, when there was a need for a direct and constructive dialogue between the representatives of the industry and the authorities, as well as increasing the public’s understanding of the oil industry.

ROPEPCA brings together active players in the oil exploration and production sector, be they producers, contractors or associations of profile. More specifically, ROPEPCA has full members, who are producers that have operations in Romania, observing members, who are producers who have operations outside Romania and supporting members, respectively entities that provide support in carrying out oil operations.

ROPEPCA is headed by the Steering Committee, consisting of 5 representatives of full members. The Steering Committee is headed by an elected President, a member of the Committee. All members of the Board of Directors are elected for a term of one year, representing the Association during the term of office.

The purpose of ROPEPCA is to act in the interest of the oil and gas producers in Romania, in order to promote safe, responsible and sustainable operations.
ROPEPCA aims to provide an independent forum for discussion, exchange of experience, debate of emerging issues and finding a common denominator to promote cooperation.

The association will carry out its activities with the purpose of consolidating and expanding the oil exploration and production industry in Romania, both from a global perspective and from a local perspective.

ROPEPCA also wants to promote a broader understanding of the industry by state institutions and public opinion, by presenting and / or publishing information on the activities of the Industry and on the economic importance of this area for the country.

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