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Cristian Bușoi: Black Sea gas contributes to Europe’s energy security

4 April 2024

Offshore gas exploitation in the Black Sea is an important basis for security of energy supply in the region. By exploiting the natural gas resources in the Black Sea, Europe is taking important steps towards reducing dependence on energy imports and ensuring regional energy independence.

Răzvan Popescu, CEO Romgaz, Aristotel Jude, deputy CEO Romgaz, Alexandru Maximescu, Vice President OMV Petrom for Regulation and Corporate Public Affairs recently presented in the European Parliament the potential of the Neptun Deep project to strengthen the energy security of Romania and Europe.

With a capacity of around 8 billion cubic metres per year, the offshore gas project in the Black Sea is emerging as a key source of natural gas for Europe. The initiative is perfectly aligned with the objectives of the RePower EU programme, which aims to reduce dependence on gas imports from Russia and support the energy transition to secure, cleaner sources. By replacing coal and providing a constant resource to complement renewable energy, the project gives a significant boost to decarbonisation efforts.

At the presentation event, Jerzy Buzek, former Prime Minister of Poland and President of the European Parliament, highlighted the challenges posed by Russia’s war in Ukraine and praised the project for its potential to strengthen the security of energy supply, both for the countries of the Black Sea region and for the European Union as a whole.

Cristian Bușoi, Chairman of the European Parliament’s ITRE Committee, also underlined the multiple benefits that the Neptun Deep project brings to the European Union: from contributing to the energy transition to supporting economic sectors and improving competitiveness. “I believe that the onshore and offshore potential is important to use, because this will allow us to replace imports from Russia more quickly, but also to reduce overall imports from regions with low environmental standards, such as North Africa or the Middle East. The Black Sea and Romania can become suppliers of energy security and will contribute to Europe’s industrial competitiveness,” said Cristian Bușoi.

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