Why this story matters:
Richard Tusker, lead country manager of ExxonMobil Romania, said the company has not yet taken the final decision to invest in the exploitation of the deposit, pointing out the the challenges of drilling in the Black Sea, the need for a predictable and stable fiscal framework, and access to markets, i.e. properly developed infrastructure.
The premise to begin exploitation of the Black Sea gas reserves rests with “the offshore law”, which is still on the agenda of the Commission of Industries and Services of the Chamber of Deputies of the Romanian Parliament, which has postponed its decision.
The Black Sea natural gas reserves amount to 200 billion cubic meters in the areas that were explored. This amount could double the country's average output for 20 years -- enough to make Romania Europe's third biggest producer.
Details from the story:
- Thus, in 2025, Romania could produce about 20 billion cubic meters of gas altogether, if all the Black Sea projects are developed. At present, about 11 billion cubic meters of gas are extracted in Romania, and national consumption is around this amount.
- Tusker also stated: "...we need to understand how regulations will affect our investment. We need to know for sure that we have a predictable and stable fiscal framework. Third, it is about access to markets. We have to find markets, where to sell the gas. So we need infrastructure in Romania, as well as interconnections. And for that, stable legislation is needed. Here's what we look at when we look at the final investment decision."
- "When they work to the maximum, there will be 9-10 billion cubic meters of gas per year coming from the Black Sea for 20 years, which will bring the Romanian state 2.8 billion euros in 20 years [...] There are about 200 billion cubic meters of reserves in the Black Sea only on what was explored, that is, the perimeters owned by Lukoil, ExxonMobil and OMV Petrom, respectively Black Sea Oil and Gas", announced in February Sorin Gal, general manager of the National Romanian Agency for Mineral Resources (ANRM).
- According to ANRM, ExxonMobil and OMV Petrom have invested about 2 billion dollars in the Neptun perimeter, Lukoil -- more than 500 million dollars in the Trident perimeter, and Black Sea Oil and Gas -- 200 million dollars in the Midia and Pelican perimeters.