President sends Offshore law back to Parliament President Klaus Iohannis has asked the Parliament to re-examine the law establishing measures for the exploitation of Black Sea energy resources, the so-called Offshore
President sends Offshore law back to Parliament
President Klaus Iohannis has asked the Parliament to re-examine the law establishing measures for the exploitation of Black Sea energy resources, the so-called Offshore Law, arguing it has a particular importance for Romania. The law had stirred controversies, with many officials slamming it, including ambassadors. The Presidency informed in a press release on Thursday that the exploitation of the oil and natural gas resources in the offshore areas in the Black Sea basin ‘has a particular importance for Romania, from the perspective of developing the internal market, of the beneficial contribution to the economy’s prosperity and of the Romanian citizens, but also in the light of enhancing the regional energy security.’
Seele (OMV CEO): The current legal framework does not allow for a favorable investment decision in Neptun Deep. We look for better terms
The current provisions of the offshore law, sent on thursday by President Klaus Iohannis back to Parliament for review, do not allow a favorable investment decision to be taken in Neptune Deep, the executive president from OMV Petrom’s main shareholder, Rainer Seele, explains a question a Deutsche Bank analyst on „the Romanian government’s hostility to upstream investors”.
Black Sea Oil & Gas announces the closure of the drilling of two probes in the Black Sea, after which no commercially exploitable gas was identified
Exploration of gas in the Black Sea is presented as a guaranteed success, but only in one case out of four gas fields are identified and the chances of commercial exploitation are even lower. The company, owned by Carlyle International Energy Partners and the European Bank for Reconstruction and Development (EBRD), announced on Friday the completion of the drilling process of two exploration wells in the XV Midia perimeter. as a result of which either there was no gas tank in one of the wells, or these gases were not economically viable for the other.
All Day (Vineri)