By Constantin Radut
The energy crisis is evident in Europe after a sinuous and chaotic policy of the European Union. As in agriculture, where the severe restrictions of chemical imputations determine a decreasing production, in energy the decarbonization and greening programs bring in the winter 2021/2022 the specter of a real crisis. To the latter is added Russia’s disinterest in being a sustainable supplier of natural gas to Europe.
Instead, the Romanian gas resources from the continental area of the Black Sea will be able to transform Romania into the second player and exporter of natural gas in Europe.
Officials of OMV Petrom, a company with Romanian jurisdiction, consider that the natural gas discovered in the Black Sea represents the energy that Romania needs to ensure its development, now and in the future.
In the face of an imminent gas and energy crisis in Europe, the Austrians at OMV are desperately calling for an amendment to the current Offshore Law that does not bring them maximum profit for extracting natural gas from the Neptune Deep project, the richest deposit discovered in the Romanian Black Sea.
Romania is one of the oldest oil and gas producers in the world.
Currently, the Black Sea supplies about 10% of Romania’s natural gas demand, but the current deposits, exploited for over 40 years, are nearing the end of their production period.
Recent exploration activities have shown that new reserves could be brought to the surface.
The new deposits discovered in the Black Sea could have a lasting impact in many areas of the Romanian economy and society, but they can also pave the way for a sustainable supply of cleaner energy, improving the lives of millions of Romanians.
At the same time, when the exploitation of Black Sea gas begins, Romania will become a net exporter of natural gas.
According to the Agency for Mineral Resources, Romania’s continental shelf has resources estimated at 200 billion cubic meters of gas.
The perimeters are in various stages of operation. The one operated by the Black Sea Oil and Gas company is in the most advanced phase, the commercial production coming to start in 2022.
But the largest resources explored, up to 84 billion cubic meters of gas, are in the Neptun Deep block, leased by Petrom and Exxon (in the near future of Romgaz).
It is estimated that the Black Sea exploration and production sector can attract cumulative investments of up to $ 16 billion, which would lead to the creation or maintenance of up to 30,000 jobs, on average, per year for the duration of the projects, a contribution of up to $ 71 billion to the national production of goods and services and a contribution of up to $ 26 billion to the state budget of Romania, according to the document from “The contribution of Black Sea hydrocarbon exploration and production projects to the development of the Romanian economy ”, Made by Deloitte (May 2018).
These figures indicate the potential of the Black Sea exploration and production sector to have a major positive impact on the Romanian economy in the coming decades. In addition, successful natural gas projects in the exploration and production sector would pave the way for the development of projects in related industries, from the transmission and distribution of natural gas to the chemical and petrochemical sector or the transformation of natural gas into electricity.
By Constantin Radut