Romanian Energy Minister Virgil Popescu reported that the government will do its best to accelerate the two largest natural gas projects, one onshore and the other offshore, managed wholly or partially by the state-owned company Romgaz.
Stand to what is reported BneIntelliNewsboth the Neptun Deep project and the onshore Caragele field, which would cover Romania’s gas consumption for a combined period of up to ten years, have been overdue for years and deadlines have been repeatedly postponed.
First, Popescu expressed the hope that Omv Petrom and Romgaz will announce this year the investment decision relating to the extraction phase of the Neptun Deep natural gas field in the Black Sea, “considering the current context of the gas market”.
Popescu spoke on September 21 at the Romanian International Gas Conference, organized by the Romanian Federation of Oil and Gas Employers, Fpppg.
«I expect and hope that Romgaz and Petrom’s decision will be taken as soon as possible… even by the end of this year. I hope so because there is a particular situation on the market. There is a need for more natural gas on the market and Romania can play a role. I think the offshore law is clear enough. I believe that the decision will be taken by the end of the year, ”said the Minister.
Romania eased offshore law earlier this year and Romgaz took over Exxon Mobile’s 50% stake in the Neptun Deep project, with an estimated 48 billion to 84 billion cubic meters of natural gas reserves..
In addition, Popescu said that Romgaz will start extracting gas from its Caragele deep onshore field in 2024. Discovered in 2016 about 100 km from Bucharest, the Caragele field, located in Buzău County, was initially scheduled to go into operation in 2019. Two years later, in 2018, the deadline had already been postponed to 2021-2022. More recently this year, Popescu spoke of 2023 as the most likely time for Caragele’s production to begin.CopyAMP code
The field has an estimated gas capacity of approximately 25-27 billion cubic meters, equal to the entire consumption of the country for a maximum of three years. At the time it was estimated to be worth $ 4 billion, but in the meantime the price of natural gas has tripled.