Sustainability

Environment

Panfora Oil & Gas, a MOL Group company, is committed to avoiding, minimizing, mitigating or compensating any environmental or social impact in accordance with EU and national requirements, standards and conditions. 

Agricultural activities in Campia de Vest will coexist with Panfora Oil & Gas activities as the company uses cutting edge technology to perform the work, following the highest standards for protecting health and environment. 

3D Geophysical Surface measurement uses modern soundwave-based technologies to determine the potential for conventional hydrocarbons before drilling wells. This method bares minimal to no effects on the soil, crops and the local communities. No explosives will be used in the process and the measuring trucks have a similar environment impact as large tractors. The procedure for drilling wells will only be performed after a detailed environmental impact study and proper authorization from Romania’s Environment Agency. 

Panfora Oil & Gas has excellent track record in all MOL Group’s countries of operations, and it is prepared to exceed the requirements of the strictest regulations in this respect. MOL Group is one of few oil and gas companies which is a part of the Dow Jones Sustainable Development Index. 

Communities

Panfora Oil & Gas is committed to becoming a key investor in the Arad County. The company’s involvement in the life of local communities includes protection of the environment, as well as the support for economic and social development of the respective areas, with the aim to spur sustainable and durable growth, and ensure the future of the communities. 

Investments in exploration and production bring several benefits to the economy, such as job creation and the increase of foreign direct investments. The finding of new resources will create new job opportunities in the region, and the company and its contractors will hire locally, on a competitive basis.

Panfora Oil & Gas is registered in Romania and pays taxes both to local and central budgets. In the case of EX-6 block, the company will contribute significantly to the local budgets in Curtici and the neighbouring communities. 

Transparency

During the complete life span of the project, Panfora is committed to engaging with all identified stakeholders through regular consultations. All the information will be disclosed in Romanian and a grievance procedure, which enables people to make comments or complaints, will be in place. Comments will be collected and considered.

The company has the responsibility to observe in full all environment and natural resources exploitation legal procedures. NAMR and the NEPA may, at any given time, conduct detailed investigations of the company’s operations.