Romania imported, during the first 10 months of 2019, an oil quantity of 7.17 million tonnes of oil equivalent (toe), with 167,700 toe (2.4%) higher than that imported during the similar period of 2018, according to the data centralized by the National Institute of Statistics (INS).
Oil production totaled 2.778 million toe, being 1.2% (33,500 toe) lower than the previous year, according to Agerpres.
According to the draft Energy Strategy, published on the website of the Ministry of Energy, the oil production in Romania is on a downward slope, with a lower and lower level of substitution of the reserves, due to the high degree of depletion of the deposits. Increasing the recovery rate is possible, but the investment efforts are not negligible, as they require packages of stimulating economic and fiscal measures.
The project also mentions that the proved reserves of crude oil of Romania will be exhausted in about 16 years, at a consumption of 3.4 million tonns a year.