COMPANIES ECONOMY ENERGY

EnergyMin Grigorescu: Energy resources development in Black Sea represents the key to Romania’s energy security

The development of the Black Sea energy resources represents a priority for Romania, being the key to the energetic security of the country in the next decade, Minister of Energy Victor Grigorescu considers.

According to a release of the relevant Ministry, Victor Grigorescu will pay a working visit to the Central Oil Rig of OMV Petrom, one of the seven production oil rigs operated by the company in the shallow waters of the Black Sea. The visit takes place in the context of this month company celebration of 40 years anniversary of offshore oil activities in Romania.

“In parallel with the European funding of the BRUA Gas Pipeline, in order to build a solid infrastructure for natural gas transmission, the development of the Black Sea energy resources, represents a priority. This is the key in providing energy security in Romania for the next decade. I’ve talked with company officials regarding the future plans of investing in upgrading or in new production capacities. They consider the Black Sea an important region, with potential and they want to continue their investment, while being involved both in shallow water projects and in deep water ones,” Grigorescu stated.

According to the Energy Minister, this year, the company has budgeted total investments worth 700 million Euros, and most of it, approximately 85 percent, goes in upstream projects.

“I’ve met people passionate with their job, that put the security of the operations above anything. I’m impressed with their performances,” the Energy head added.

The Black Sea production (shallow water) is worth approximately 30,000 barrels per day, both in oil and gas, representing almost 20 percent of the production of OMV Petrom, registered from the Romanian deposits.

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