Romania could become energy independent in about 4-7 yrs, PM says

Energy Trade

Romania could become energy independent in about seven years, following the exploitation of oil and gas resources in the Black Sea, local media cited Prime Minister Victor Ponta as saying. Investment in the Black Sea region made by OMV Petrom and other companies is very important for the country, Ponta said during a press conference held last Friday in Constanta, east Romania. Ponta also stated that the government will provide full support for these investments and about a 4-7 years period of time the production of oil and gas in the Black Sea will fully cover the needs of the Romanian industry and population and could make Romania an important player on this market, business site Romania Insider reported. ExxonMobil and OMV Petrom started drilling in the Black Sea in December 2011, and at the beginning of 2012 announced the gas discovery at the Domino 1 well, located 170 kilometers offshore in water of about 1,000 meters depth.

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