The budget-finance and energy committees of the Senate issued, on Tuesday, a joint endorsement report on the Offshore Law draft regarding natural gas exploitations in the Black Sea, with 17 votes in favour and two against.
During the meeting, Energy Minister Virgil Popescu presented the main amendments to the Offshore Law, emphasizing that through its adoption investments in the Black Sea will be unlocked and investments in onshore will be accelerated, the country's supply security will be ensured, in case of an energy crisis, and Romania will be able to become a regional energy security supplier, after it produces more than it consumes.
"The amendment to Law 256 was necessary, it was assumed by the leaders of the governing coalition and we hope, with its adoption, it will unlock investments in the Black Sea, in the offshore natural gas perimeters, as well as accelerate investments in great depth onshore - I am referring, especially, to the Caragele perimeter and, obviously, if other rounds of auctions will follow (...), both for natural gas, as well as oil. (...) The law adopts the principle of stability and predictability. Practically, all fiscal royalties regimes (...) remain, throughout the entire period of the oil agreement, stable and predictable. Investors know what to expect, both those who have oil agreements concluded, as well as those who will conclude oil agreements later know that they cannot be modified anymore. (...) Overall, Romania's production, with the start, at the end of 2026 and start of 2027, will practically double, we will produce far more than we are able to consume. We have time until 2026 to increase the natural gas consumption and be prepared to absorb as large a quantity as possible, and, obviously, Romania producing more than it consumes, will be able to become a regional energy security supplier," Popescu said.
The draft law to amend and complete Law no. 256/2018 on some measures necessary to implement oil operations by holders of oil agreements regarding offshore oil perimeters will go to the vote in the Senate plenum.
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