The resources discovered in the Black Sea offer Romania the chance to become the leading gas producer in the EU, a huge opportunity we cannot afford to miss. The arguments are numerous and important: the investment will create numerous jobs, generate significant revenues for the state budget, strengthen the country's energy security and ensure a cost-effective transition for consumers. E but an appropriate legislative and fiscal framework is needed before the final investment decision can be taken, said experts attending the the fourth edition of Romanian International Gas Conference (RIGC), an event organized by the Oil and Gas Employers Federation (FPPG), with the support of Energy Policy Group.
Leading experts from the local oil and gas industry, from local and international non-governmental organizations, as well as representatives of central authorities underlined the overwhelming role that natural gas has for Romania's development in the context of the transition to a green economy.
But it all depends on the authorities and how quickly they decide to change Offshore Law, which would allow already discovered reserves to be exploited.
„The gas opportunity is still huge. It is clear that this century is the century of gas in the energy transition and there is no doubt that we can lead the European Union in gas production. It's time to wake up and start discussions on the Offshore Law as soon as possible, so that we can have a final investment decision from the investors and we can enjoy as soon as possible the natural gas resources that the Black Sea subsoil hides”, he says Cătălin Niță, Executive Director, FPPG.
To implement the energy transition at affordable costs for consumers it is absolutely necessary to rely on natural gas.
The roles that this fuel can play are numerous: for cleaner energy production by replacing coal, but also for balancing the energy system, given that gas-fired power plants are flexible and are needed to ensure that we keep the lights on. Natural gas is also a solution for reducing carbon emissions in mobility, but also in the development of future technologies, such as blue hydrogen, where Romania can become an important player in Europe.
An extremely important aspect is also the contribution of offshore reserves to energy security. Romania imports about 20% of its natural gas needs and if there is no investment in exploiting resources in the Black Sea, we will end up importing about 50% of our needs by 2030, depending on the evolution of demand.
4th international conference Romanian International Gas Conference was held in Bucharest, in hybrid format, on December 13-15, 2021, under the theme: „The natural gas sector, between decarbonization imperatives, affordability and security of supply”.
