A stronger, happier, cleaner and more prosperous Romania is something we all strive for. At OMV Petrom, we believe the natural gas discovered in the Black Sea represents the energy that Romania needs to fuel its current and future development.
One of the oldest oil and gas producers in the world, Romania now has the chance to reaffirm its strategic position as an energy producer and to ensure energy for the country by unlocking some of the largest investments in the history of the country.
The Black Sea currently ensures approximately 10% of Romania’s gas demand, however the current fields have been producing for decades and are now approaching the end of their life. Recent exploration activities have indicated new reserves that could be brought to the surface, thus creating value for the country.
The Black Sea natural gas would have a long-lasting impact in multiple areas of Romanian economy and society, but also pave the way for the sustainable supply of cleaner energy, improving the lives of millions of Romanians.
SIGNIFICANT ECONOMIC CONTRIBUTION. WITH ENERGY FROM THE BLACK SEA.
The development of large scale-projects requires significant investments that create jobs, bring additional revenues to the state budget and have a spill-over effect in the economy. It is estimated that the Black Sea exploration & production sector could attract cumulated investments of up to USD 16 bn, that would lead to the creation or maintenance of up to 30,000 jobs on average per year throughout the projects’ lifetime, up to 71 bn USD cumulated national output and up to USD 26 bn cumulated contribution to the Romanian State budget.
These figures shows the potential of Black Sea exploration & production sector of having a major positive impact on the Romanian economy for the following decades. In addition, successful exploration & production gas projects would open the way for the development of connected industry projects from gas transmission and distribution to chemical, petrochemical or gas to power.
Estimated figures in the economic contribution section are extracted from the “The contribution of Black Sea oil & gas projects to the development of the Romanian economy” conducted by Deloitte (May 2018).
ENERGY SECURITY FOR ROMANIA. WITH ENERGY FROM THE BLACK SEA.
As a country, we take pride in our long tradition of the energy sector, for which we reported several world premieres and we take pride in being energy independent. There are not many countries in the world that can afford this independency. We have more than 110 years gas industry heritage and we have a promising future with the Black Sea potential which could ensure the energy for the Romanian households, for hospitals, schools and industries. Once again, with the Black Sea potential, we have the chance to play a significant role in the region by becoming the leading gas producer in European Union.
CLEANER ENERGY FOR ROMANIA. WITH ENERGY FROM THE BLACK SEA.
With multiple usage opportunities, from heating and electricity to mobility , natural gas is a solution to reduce Romania’s carbon emissions and support the country in reaching its environmental targets. The positive impact would touch several areas of industry and day-to-day life. With 60% less CO2 emitted vs. coal, gas-fired power plants, such as OMV Petrom’s Brazi Powerplant, represent a solution to ensure electricity supply while coping with environmental challenges.
Natural gas is also a worthy alternative for mobility, as LNG powered vehicles generate up to 15% less CO2, 70% nitrogen oxide and 99% fewer particulate emissions.