Romania has the “major opportunity” to become the largest gas producer in Europe, says Franck Neel, president of the Federation of Petrol and Gas Federation (FPPG) and member of the OMV Petrom board on the Upstream side.
“This will generate well-being, growth and jobs,” he said. “In addition, it will ensure our security of supply,” says Neel.
The investors have positive signals from the Romanian authorities starting September, when discussions began for the modification of the offshore law and the liberalization of the gas market.
For the moment, however, the situation remains a difficult one for the sector.
“This year, as a result of ordinances 114 and 19, we see a decline in upstream investments in gas production, we have seen a rise in prices, an increase in inflation, and this has negatively impacted the purchasing power of households,” said Neel.
“Starting with September, now we see good, positive signals, we see the positive trend, although there is still a lot to do. We need a stable fiscal environment to invest. Since September, the level of consultation between authorities and companies has increased and we have seen a new project for the offshore law that is going in the right direction. We have also seen debates about amending energy law no. 123, for market liberalization. All of these are positive things for unlocking investments in the Black Sea. It is very important for us, as investors, to see that there is a political will, “says Neel.
“I see this political will from all parties to unlock investments in the Black Sea, which is important for us, as an investor. But the pace at which it is unlocked is also important,” concluded the FPPG official.