Senate passes the Offshore Law

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The Senate’s plenary session has adopted on Wednesday the legislative proposal for the amendment of the Offshore Law, which regulates the oil operations of exploration, development, exploitation of oil fields both in offshore and deep onshore oil perimeters. The Romanian state will have the right of preemption for the acquisition of natural gas, according to the text of the law.

The draft bill act was adopted by 91 votes in favor and 13 against. On Tuesday, the Senate Finance and Energy Committees had issued a joint admission report on the Black Sea Offshore Gas Exploitation Act, with 17 votes in favor and 2 against.

USR has filed a threat to transfer the proceeds of gas to Pillar II pensions. The amendment was rejected in plenary with only 21 votes in favor and 65 against.

According to the Energy Minister, Virgil Popescu, the first gas will be extracted from the Black Sea in the second part of this year.

The Minister of Energy, Virgil Popescu, also underlined that by amending the current law, the investments in the Black Sea will be unblocked and the investments in the deep onshore will be accelerated, while the security in the country’s supply will be ensured in case of energy crisis, and Romania will also be able to become a provider of regional energy security, after producing more than it consumes.

The bill sparked heated debate within the ruling coalition and after months of misunderstandings was tabled in parliament in mid-April. The legislative initiative stipulates that Romania will have the right of preemption to purchase gas and also regulates onshore exploitation. It also regulates a competitive tax regime in such a way that the distribution of revenues is made in a percentage of approximately 60% for the Romanian state and 40% for the investor.

The Senate Plenary session has adopted on Wednesday the legislative proposal for the amendment of the Offshore Law, which regulates the oil operations of exploration, development, exploitation of oil fields both in offshore and deep onshore oil perimeters. The Romanian state will have the right of preemption for the acquisition of natural gas, according to the text of the law.

After the vote of the Senate, the law will also be debated by the Chamber of Deputies, the decision-making body in this case.

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