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Black Sea Oil & Gas will kick off Romania's Black Sea natural gas production in mid-2018
Black Sea Oil & Gas will kick off Romania's Black Sea natural gas production in mid-2018, when Romania is expected to become a natural gas exporter as well, Chairman of Romania's National Energy Regulatory Authority (ANRE) Niculae Havrilet said Wednesday.
"Starting next year, a new important natural gas sources of 4 billion cubic metres a year will be commissioned, namely the natural gas discovered in the Black Sea. Local operators and investors have shown us that next July 1 a new structure will be commissioned. From that moment on, Romania virtually becomes an exporter, because the new structure will generate a surplus that exceeds normal demand in Romania," said Havrilet.
He added that Black Sea Oil & Gas has taken under lease two oil blocks on Romania's Black Sea continental shelf - Midia and Pelican.
Havrilet said production in the first year of existence there should be 1 billion cubic metre, to be incremented afterwards to 4 billion cubic metres a year.
"Production in the first year of operation should be 1 billion cubic metre, to be incremented afterward to 4 billion cubic metres against Romania's 2107 consumption of 12 billion cubic metres a year and normal imports of between 500 and 600 million cubic metres a year. The first year's production will virtually cancel out the need for natural gas imports, and, what's more, Romania will have to secure conditions for gar exports for the investor to be able to recoup its investment costs," added Havrilet.
Black Sea Oil & Gas SRL, wholly owned by Carlyle International Energy Partners, is a Romanian based independent oil and gas company, targeting exploration and development of conventional oil & gas resources, according to a press statement released by the company in November 2016.