November 22, 2017

Oil reservoir at Pancota to go into use

In a few months will go into use an oil reservoir estimated at one billion Euro and located close to the Arad town of Pancota. Geological tests conducted over the last few years by Universal Premium, financed by Universal Premium Fund, whose investors are oil companies from Romania, Belgium, Netherlands, Luxembourg and Switzerland confirmed the existence of oil and natural gas resources. Extraction will begin in the second half of the year. Until now, 10 billion Euro were invested in the project and the amount will get to 15 million when extraction begins, with plans to create 250 jobs in the first stage.

Source: Bucharest Herald (read more)

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