The company Black Sea Oil and Gas (BSOG) has discovered in the Romanian shelf of the Black Sea between 10 and 20 billion cubic meters of natural gas and the investments aiming to start production in 2019 could reach USD 500 million, said Mark Beacom, general manager.
He estimates the project will produce about 10% of Romania’s consumption for five years.
Mark Beacom said the total investments in this concession stand currently at about USD 200 million. He added it is difficult to estimate the total amount to be invested until the entry into production because it could include further investments due to future discoveries. The total amount could possibly reach USD 500 million, Agerpres informs.
He also said that total gas reserves depend on future drilling results, which could be added to the resources already identified at Ana and Doina blocks, and the total could range between 10 billion and 20 billion cubic meters.
He stressed that the project depends on the actions of the Government and the National Authority for Energy Regulation (ANRE).
On Wednesday Niculae Havrileţ, President of the Energy Regulatory Authority (ANRE), said the company Black Sea Oil & Gas will start the gas production in the Black Sea at the middle of next year, and Romania will become gas exporter.
“As of next year, a new important source of natural gas, 4 billion cubic meters per year, will be available, it is about the structure of gas discovered in the Black Sea. The operators and investors in the area showed us that, as of next year, on July 1, a new structure will go into production. So basically, from that moment, Romania will also become an exporter, because this structure adds gas to the normal demand in Romania,” Havrileţ said.