Production - Foreign - Petroleum Development in Rumania during 1930 (With Discussion)

During the summer of 1930 the average daily oil production of Rumania registered a new peak at 128,000 bbl. per day. The estimated potential production as of September, 1930, was as high as 235,000 bbl. per day. During the latter part of the year, by mutual agreement, the operators decided to curtail their output to about 100,000 bbl., which brought the average for the year to 116,600 bbl. The total production for 1930 was 41,572,000 bbl. (last month estimated) as compared with 35,757,000 bbl. for 1929, or an increase of 16.3 per cent. over last year's production. The production for the last 10 years is given in Table 1. The curtailment of production was prorated per company, based on its total estimated potential production as of September, 1930, and not per field. As a consequence, at present there is little development of protected or slightly productive areas; viz., Arbanasi, with an average production of 1750 bbl. per day, dropped to less than one-third after curtailment came into effect. Moreni, with an average production of 92,000 bbl. per day, while producing 58 per cent. of the country's total output in 1929, went to 67 per cent. at the beginning of 1930 and to 75.2 per cent, towards the end of the year. The modified Mining Law of 1929 is still in effect. This law withdraws the restrictions set on foreign capital by the law of 1924. As a consequence a large percentage of proven state land was alloted through competitive bidding to foreign companies. The Romano-Americana (Standard of New Jersey) acquired several leases in the Boldesti and