Reuters: Romania's Romgaz steps up conventional gas, no shale hunt for now

Romania's biggest gas producer Romgaz does not plan to tap shale gas exploration in the next few years, but will invest heavily in conventional wells using its existing financial resources, it said on Tuesday.

"We always stressed our base activity is conventional exploration, there are many things to do here, on the other hand as a perspective, it would be good to find out (the country's) non-conventional potential," Romgaz's General Director, Virgil Metea, told the Reuters East European Investment Summit.

"Let's say in the medium term, up to five years, we do not plan shale gas (exploration). This is our current stance."

U.S. oil major Chevron Corp said earlier this year it had given up shale gas exploration plans in Romania, after an assessment showed the Black Sea state "does not compete favourably" with other investment opportunities. MORE