RIGC 2021: Black Sea Resources, Essential for Romania’s Energy Security and Green Transition

Resources discovered in the Black Sea give Romania the chance to become the main gas producer in the EU, a huge opportunity that we are not allowed to miss. The arguments are numerous and important: investments will create numerous jobs, will generate significant revenues to the state budget, will consolidate the country’s energy security and ensure an optimal transition in terms of costs for consumers. But it is necessary to have an adequate legislative and fiscal framework to be able to make the final investment decision, said the specialists attending the fourth edition of the Romanian International Gas Conference (RIGC), event organized by the Oil and Gas Employers’ Federation (FPPG), with the support of Energy Policy Group.

Leading experts in the domestic oil and gas industry, in local and international non-governmental organizations, as well as representatives of central authorities have emphasized the overwhelming role that natural gas has for Romania’s development in the context of transition to a green economy.

But it all depends on authorities and how fast they make the decision to amend the Offshore Law, which would allow the exploitation of already discovered reserves.

“The opportunity of natural gas is still very high. It is clear that this century is the century of gas in energy transition and undoubtedly, we can rank first in terms of gas production in the European Union. It is time to wake up and start as soon as possible the discussions on the Offshore Law, so that we can have from investors a final investment decision and be able to enjoy as soon as possible the gas resources that the Black Sea subsoil hides,” said Catalin Nita, Executive Director, FPPG.

In order to implement 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 a cleaner energy production by replacing coal, but also to balance the energy system, given that gas-fired power plants are flexible, and they are needed to ensure that we keep the lights on. Natural gas is also a solution for reducing carbon emissions in mobility, as well as for developing technologies of the future, such as blue hydrogen, where Romania can become an important player in Europe.

Also, an extremely important aspect is the contribution of offshore reserves to energy security. Romania imports around 20% of its gas needs and if it does not invest in the exploitation of Black Sea resources, we will come to import about 50% of the needs by 2030, depending on the evolution of demand.

The 4th edition of the international conference Romanian International Gas Conference took place in Bucharest, in hybrid format, during December 13-15, 2021, organized by the Oil and Gas Employers’ Federation (FPPG), in partnership with Energy Policy Group (EPG), having as topic: ‘The natural gas sector, between the imperatives of decarbonization, affordability of prices and security of supply’.