The offshore law, which stops some important energy projects in the Black Sea from starting is going to be revised in the first part of this year, after many delays, stated on Friday, for Reuters, the minister of energy, Virgil Popescu.This law on offshore project taxation is the last of the restrictions imposed on the energy sector that the Bucharest Government has so far failed to amend. However, the three parties that make up the current government coalition agreed in the coalition program that the offshore law should be amended.The ministry of energy added that, after the amendment the producers will still be forced to keep 40% of the gas production in Romania.Given that Romania intends to use EU funds to remove coal and replace it with natural gas, nuclear energy and renewable energies, time is running out, Popescu said.OMV Petrom and other gas producers have spent several billions of dollars for a decade to prepare to get the gas deposits in approximately 200 billion cubic metres which are estimated to be in the continental shelf of Romania, only to see how their potential profits will be affected by an offshore tax introduced four years ago.‘If investments had started in 2018, now would have had natural gas. We lost income from taxes, the security of supply and the possibility to become a regional player. If we keep waiting, we will lose all opportunities’ said minister Virgil Popescu.Even if the gas deposits estimated of Romania cannot be compared to those of Russia, the analysts estimate that they could fight against the domineering position which the Russian group Gazprom plays now in Central Europe and Eastern Europe; it would diversify the supply sources for gas and it would bring Romania income of billions of euro.Moreover, the gas in the Black Sea would help Romania to face the present growth of prices for energy in the whole of Europe.‘The markets are connected, but the gas in the Black Sea would reduce the shock and it would give us more maneuvre space to help the households and the companies. What I want and it could be a condition, is that the final decision for investments be taken this year’ said the minister of energy.Even so, in December, the general manager of OMV Petrom, Christina Verchere, stated that the approval of the amendments to the Offshore law until the end of 2021 is vital so that the gas in the Neptun Deep be extracted. ‘If the law is not amended until the end of the year, this will delay the final decision for investments for 2023’ said Christina Verchere then. At present, OMV Petrom and ExxonMobil own the project Neptun Deep in the Black Sea in equal parts. Romgaz got to an agreement regarding the taking over of the shares of ExxonMobil and the trading would be finalized in the first part of next year. (Photo: https://www.omvpetrom.com)
As Romania moves closer to implementing the EU Pay Transparency Directive, local employers are preparing for one of the most consequential shifts in workplace regulation in over a decade. The directive, set for transposition by June 2026, introduces strict new rules on salary disclosure, pay reporting, and equal-pay verification, aiming to close persistent gender gaps […]
A young Romanian has developed a new system that allows people to return entire bags of recyclable packaging at once, replacing the traditional method of inserting bottles one by one into reverse-vending machines. The concept, called IZI, was created by Ștefan Parascanu, who returned to Romania after studying and working in the United Kingdom. The […]
JTI, the global owner of both Winston and Camel, announced on Thursday, November 27, a plan to build a new, state-of-the-art factory in Ștefăneștii de Jos, Ilfov County. Designed to replace the current Bucharest production site, which is operating under space constraints, the facility is scheduled for completion in 2027. Ground works at the new […]
The City Hall of Oradea, in northwest Romania, has begun installing new smart parking meters as part of its ongoing modernization and digitalization of the municipal parking system. The first batch of devices has already been placed in central areas, and the entire system is expected to become operational by the end of the year. […]
Orange Romania announced the launch of the 5G+ technology in the Bucharest subway, becoming the first operator in the country to reach mobile data speeds of up to 1 Gbps in the underground network. The company has begun activating the technology in several stations and plans wider deployment in the coming weeks. The first 5G+ […]
PPC blue Romania, the electric mobility division of the PPC group, announced the expansion of its national charging infrastructure through the acquisition of the Hermes Flow network, adding 116 new charging points for electric vehicles. Most are located in the Bucharest-Ilfov region, with the rest in 10 other counties. Once fully integrated, users will have […]
