Răzvan Popescu, CEO Romgaz: “I don’t think there will be any problems selling Black Sea gas. We are not afraid that there will be no buyers”

Black Sea gas does not raise any doubts regarding demand, especially in the context in which energy security has become a priority at European level, which provides certainty that the extracted resources will quickly find buyers, said Răzvan Popescu, CEO Romgaz, at the ZF Power Summit.

“We have no fear that when Black Sea gas appears, we will not have any buyers. Before a gas producing company starts these sales, it establishes contacts with the big players in the area, with traders, with big consumers. All these meetings have taken place. We have seen what the market appetite is, we know what the delivery terms would be. I don’t think there will be any problems for the sale of gas”, said Răzvan Popescu.

“When we sell gas from the Black Sea, we will do so through a transparent procedure, respecting all the provisions of the Offshore law. This procedure is to be developed within the Romgaz Black Sea Limited branch and when we take these steps we will announce it to the market.

In parallel with the Neptun Deep project, this year Romgaz’s achievements in terms of natural gas production were seen. We had an increasing production of over 3.6%, after several years of decline. A large part of this production comes from the investments that were made during the previous years, especially in the Caragele project, which remains a priority for Romgaz. In January, another deep well was completed at Caragele, which we hope to put into production by the end of March. We are drilling two more deep wells, one at 4,910 meters. In order to maintain this pace and this high level of production, these investments are absolutely necessary not only in drilling, but also in the productive surface infrastructure.

In this industry, investments are for long periods. These projects must be maintained, investments must be maintained, and the companies that carry out these projects must have predictability in order to be able to implement them. This way we will be able to bring the security that we all want and competitive prices to Romania.”

Source: ZF