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October 28, 2021
COMPANIES ECONOMY ENERGY

Black Sea natural gas deposits, estimated at 130 bln cubic metres

+ Could cover Romania’s consumption for a period of over 10 years

 

The natural gas deposits that ExxonMobil and Lukoil discovered in the Black Sea total a maximum of 130 billion cubic metres, Alexandru Patruti, geological resources expert and advisor within the National Romanian Committee of the World Energy Council (NRC-WEC), stated on Wednesday. The deposits might be depleted in 20 years’ time provided no other deposits are discovered in the meantime.

Nevertheless, Patruti stated at the Regional Energy Forum, “the Black Sea will certainly not be a second North Sea. Exploration works have paid off only in Romania. In Turkey, which owns the largest part of the Black Sea, explorations have had no results.”

According to him, the explorations carried out by ExxonMobil-OMV Petrom and Lukoil have revealed deposits of 130 billion cubic metres, Agerpres informs.

“If we could tap into this quantity in its entirety, which is unlikely, and in order to profitably do so there is the need for a production of 6 billion cubic metres per year, we would produce natural gas for up to 20 years. This Black Sea production comes on top of the current production from onshore deposits, which stands at 6 billion cubic metres and registers constant slump,” Patruti explained.

He added that Black Sea natural gas production will start only if the prices of natural gas and oil rise and if the natural gas transmission grid is connected to international markets.

“Domestic demand has dropped a lot, and the investors who will extract natural gas from these deposits need a market and the transmission of natural gas from the offshore blocks, which are pretty distant, 150-200 kilometres from the shore. So we will have some waiting to do,” the NRC-WEC advisor said.

According to him, Romania’s energy future on the medium and long term depends on the interconnection of natural gas and electricity grids but also on the diversification of sources.

Over 600 energy specialists of the highest level, including ministers, energy industry leaders, experts and researchers, regulators, academic personalities and representatives of Romanian and foreign NGOs, took part in the 13th edition of the Central and Eastern Europe Regional Energy Forum, organised by the National Romanian Committee of the World Energy Council Association, the organisers inform.

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