U.S. Report: Romania has shale gas reserves equivalent to 100 years of consumption

Romania has shale gas reserves of 1,444bcm, the U.S. Energy Information Administration (EIA) estimates, in conditions in which the proven gas reserves stand at 113bcm and the annual consumption is approximately 14bcm, Mediafax agency reported. Romania annually consumes approximately 14bcm of gas, amount covered 80% from domestic production. The difference is imported from Russia, through intermediaries, at high prices. Thus, the U.S. governmental agency estimates that Romania has technically recoverable shale gas reserves of 51,000 billion cubic feet (bcf), i.e. 1,444bcm. According to EIA, Romania’s proven natural gas reserves were estimated earlier this year at 4,000bcf, the equivalent of 113bcm. Romania is the third in the EU in terms of shale gas reserves, after Poland (4,190bcm) and France (3,879bcm), according to the EIA report. In terms of oil trapped in shale in Romania, EIA estimates a volume of 300mln barrels, compared to proven reserves estimated at 600mln barrels from other types of reservoirs. Thus, according to estimates of the U.S. institution, shale gas exploration would increase Romania’s oil reserves by 50% and the natural gas reserves by over 10 times.