Romania could become third largest gas producer in Europe due to its offshore reserves, expert says

Romania has the potential to become the third largest gas producer in Europe due to its offshore reserves in the Black Sea, François-Régis Mouton, EU Affairs director in the International Association of Oil & Gas producers (IOGP), said on Thursday in Bucharest, cited by Agerpres.

“Romania could become the third gas producer in Europe, as the potential in the Black Sea exceeds 200 billion cubic meters,” Mouton said.

According to the experts, new natural gas production in Romania will allow other Eastern European countries to diversify their gas supplies.

A recent study of Deloitte estimates that investments in the Romania’s Black Sea oil and gas sector will generate revenues of over USD 26 billion to the public budget and an additional USD 40 billion to the country’s GDP until 2040, as a result of total investments of USD 22.2 billion.

Deloitte estimates a total production of close to 170 billion cubic meters of natural gas in Romania’s offshore fields, based on a prudent scenario.

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