Azeri gas volumes came as a safety belt for many states in the region Virgil Daniel Popescu Minister of Energy of Romania

Caspian Energy (CE): Mr. Popescu, what are the plans for oil and gas production in the Romanian sector of the Black Sea? How attractive is the Romanian shelf for investments? 

Virgil Daniel Popescu, Minister of Energy of Romania: When we talk about the South-Eastern European countries, Romania has a privileged position being the second gas producer in the European Union.  More than that, we have the chance to become a net exporter in the region by capitali­zing on the significant gas reserves discovered in the Black Sea area that are estimated at 200 bcm. The Neptun Deep asset in the Black Sea represents a unique opportunity for Romania, but also for the entire region. The Romanian Company ROMGAZ SA signed on May 3rd, the sale-purchase contract of all the shares issued by ExxonMobil Company, represen­ting 50% of the rights and obligations assumed in the Oil Agreement for the Neptune Deep perimeter in the Black Sea. It is a huge investment in consolidating the energy security not only of Romania, but of the entire region. Romania will take all the necessary steps, so that this exploitation to become a reality. We estimate that the first gas production from Neptun Deep block, where the estimated reserves are of approximately 100 bcm, will be obtained at the end of 2026 or in early 2027. We hope also that after the last technical tests the production in the Midia perimeter, another important perimeter in the Black Sea, will start by the end of June, with 1 bcm/year. 

Romania has a privileged position on the Black Sea, an area of production and distribution of strategic importance for the regional energy security, so the development of Black Sea resources is a priority for Romania, as well as attracting investment and collaborating with companies that have the necessary know-how and technology. The Romanian offshore area covers 22,000 square kilometers and reaches depths of over 1,000 m. Given the significant potential of natural gas reserves that could become commercial exploitations, large-scale investments in the upstream sector of the Black Sea should be made in the coming years. I want to mention that the Romanian Parliament has approved the Law amen­ding and supplementing the Offshore Law, which regulates the activity of exploration and production of natural gas in the Black Sea and in deep onshore perimeters (over 3,000 m). The new legal framework creates a useful tool for reducing dependence on natural gas imports, given the potential for natural gas production from proven onshore and offshore deposits on the Romanian territory. Moreover, the internal gas transmission infrastructure can ensure the takeover of current production, with additional investments being made to meet the expected increase in extracted volumes.

But, the Black Sea does not mean only hydrocarbons, this area has also a significant potential in the offshore wind sector which Romania wants to capitalize on. It is important to mention that Romania benefits from funds offered by the National Recovery and Resilience Plan and Modernization Fund for investments in renewable sector, as well as green production capacities.