Romania could become energy independent in about 7 years, says PM

Romania could become energy independent in about seven years, following the exploitation of oil and gas resources in the Black Sea, said the Romanian Prime Minister Victor Ponta, after recently visiting the platforms in the Black Sea. “The first feeling I have is a feeling of great pride, because I saw exceptional technological achievements - a platform on the sea is not exactly the easiest thing in the world - achievements that belong to Romanians, people from Petrom,” said Victor Ponta during a press conference held Friday (May 3) in Constanta. The Prime Minister also added that the oil and gas company Petrom will invest some EUR 300 million in new wells in the following period and that “it’s very important that the Black Sea region, especially through the investments made by OMV Petrom, but also other companies, leading global companies, become the energy resource that Romania needs.” Victor Ponta also stated that the Government will provide “full support for the investments made by Petrom, OMV and other investors so that, in a period of time that may seem long for politicians, but is actually short for big companies, of 4, 5, 6, 7 years, the production of both oil and gas in the Black Sea will fully cover the needs of the Romanian industry and population and will make Romania an important player on this market.” Exxon Mobil Exploration, Production Romania Limited and OMV Petrom started drilling in the Black Sea in December 2011, and at the beginning of 2012 announced the gas discovery at the Domino 1 well, located 170 kilometers offshore in water of about 1,000 meters depth. Irina Popescu, irina.popescu@romania-insider.com (photo source: gov.ro)