Market Report, "Romania Oil & Gas Report Q3 2012", published
BMI View: Given Romania's long history of oil/gas reserves and production, it would be surprising if renewed exploration efforts do not prove-up fresh resources and extend the life and scale of existing domestic supply. However, Romania needs to enlist more help, quickly, in order to avoid increased exposure to energy import dependency. Further, the likely moratorium on shale gas exploration is likely to slow progress and dampen foreign partner enthusiasm.
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