20.04.2022
ROMANIA WILL EXTRACT GAS FROM NEW FIELDS
Romania expects to extract the first natural gas from its deposits on the Black Sea shelf in the middle of this year. This was revealed by the Prime Minister of our northern neighbor Nicolae Chuka in an interview with Radio Romania on Monday. "In the Black Sea, we have the opportunity to receive the first gas in the middle of this year," he said.
"Investments of (Black) Oil & Gas have already been made, they have already signed acceptance documents and it is possible to provide 1 billion cubic meters of gas per year through this project."
Romania-based Black Sea Oil & Gas is owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development.
"At the end of 2026 - beginning of 2027, there is a possibility of receiving the first gas in the perimeter of Neptun Deep," Chuka continued. Earlier, the oil and gas corporation ExxonMobil withdrew from the Black Sea natural gas project Neptun Deep due to unfavorable tax conditions, and its stake in the project was bought by the Romanian state-owned company Romgaz.
"At the same time, we will ensure the exploitation of gas fields in the national territory at great depths and this will provide gas from 2024," he said.
Efforts to speed up the start of exploitation of its own gas fields are being made by Romania against the backdrop of the Russian Federation's military operation in Ukraine and calls by the European Union to ensure the energy independence of EU member states from Russia. On April 15, the ruling coalition of parties in our northern neighbor submitted to parliament a draft of the so-called offshore law, which regulates the conditions for the development of gas fields in the Black Sea. The regulation provides favorable conditions for foreign companies that will participate in the operation and is considered an urgent issue.
"As for independence from gas supplies from the Russian Federation, we have decided that this law will ensure stability and legal predictability for the business environment in this area," Chuka explained.
