Classic Petroleum Province
Romania was the world's first commercial oil producing country. Throughout the 20th Century it became a very significant oil and gas producer: oil production peaked in 1976 at around 300,000 barrels of oil per day. The country remains a significant producer with oil flowing at 112,000 barrels per day and natural gas at 1.16 billion cubic feet per day; this represents just under half of the domestic oil needs and about two-thirds of the gas requirements. The shortfall in oil and gas is imported from Russia. The country has an extensive pipeline network and considerable refining capacity. Romania is now classified as a "mature" hydrocarbon province: nevertheless, very significant hydrocarbon potential remains in exploration and field rehabilitation. Given the country's long association with the oil industry a vast pool of expertise and oil-field services exists; the government is proactive in encouraging new entrants to the country's oil sector and regular well-managed exploration and production licencing rounds occur.
