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Havrilet (Ministry of Energy): the offshore law may be amended this year
The offshore law could be amended this year and will come with good signs for investors, announced Niculae Havrilet, director in the ministry of energy, in a specialty conference.
At present, ExxonMobil and OMV Petrom are equal partners in the project Neptun Deep, where the explorations showed deposits estimated at 42-84 billion cubic metres. To compare, Romania produced last year 9.2 billion cubic metres.
ExxonMobil announced its intention to give up the project, and Romgaz negotiates the taking over of the participation of the American company.
OMV Petrom said that it is possible to take the decision next year to invest in the project Neptun Deep, depending on the legislative amendments in Romania and the situation on the market.
The production of natural gas in Romania dropped over the last years, and this trend will continue, and due to the lack of reserve development in the Black Sea, the dependence on imports may increase significantly, up to 53% in 2030, according to a study made by PwC Romania for the Employers’ Federation Oil and Gas (FPPG).
According to the quoted source,Romania is the second biggest producer of natural gas in the EU after the Netherlands, and has the potential to become the first once the development of the deposits in the Black Sea and the closing down of the deposit Groningen.
In the present context, the investments in the development of the reserves of natural gas in the Black Sea are essential for Romania and generates a series of opportunities, says the study.
The investments in the Black Sea will help to reach the objectives assumed through the Project of Energy Strategy 2020 – 2030 with perspective 2050, as natural gas is the transition fuel towards green energy, this being used for heating over wood and coal and offers the opportunity to reach the objectives regarding the reduction of greenhouse gas emissions, but they will also contribute to energy transition.