Canadian company Ramco Oil & Gas has recently taken over the majority stake in a drilling perimeter located in Valea Jiului, from Pannonian Energy, a US firm.
The Americans still own a 25% stake, but have very clearly stated they are eyeing other, more exciting areas for their operations.
This trend of US companies leaving the Romanian market is gathering steam, particularly after the exits of Forest Oil and Conoco over recent years.
Pannonian Energy entered Romania after signing a 30-year lease, with the National Agency for Mineral Resources (ANRM) for drilling in a perimeter located in Valea Jiului.
Explorations in this perimeter were linked to structures of methane gas associated with coal deposits.
Pannonian Energy has been recently acquired by Galaxy Energy, a US company dealing in the field of oil and gas.
Galaxy Energy has a market value of around 88.2 million dollars on the American stock exchange.
Its decision to withdraw comes after the exits of other US companies in the last 15 years. Arco, Conoco, and Forest Oil left Romania one after another without succeeding in their explorations, after logging losses of tens of millions dollars.
Forest Oil entered the Romanian market in 1999 and has heavily invested in its operations carried in three perimeters of Carpatii de Curbura area, having forked out about 7-8 million dollars, say sources close to the company.
The US company left because it failed to find gas or crude oil reserves to kick-start production. Forest Oil carried exploration activities in all the three perimeters, and last year built up an oil-derrick close to Focsani, but its efforts were fruitless.
Forest Oil notified the National Authority for Mineral Resources of its decision to leave, so that the three perimeters will be hande
