OMV Petrom's Verchere: Black Sea natural gas development is four years overdue

The Black Sea natural gas extraction project is four years late now, and Romania should amend its legislation so that other projects will not end up the same way, OMV Petrom CEO Christina Verchere said on Monday, agerpres reports.

She participated in the third edition of the Atlantic - Black Sea Security Forum organised by the Aspen Romania Institute in partnership with the Bucharest office of the German Marshall Fund of the US.

Verchere indicated the European funds as a huge opportunity for Romania, but in order to attract them, she argued, legislation must be amended.

The energy transition is coming, the road has been set, she said, adding that now we need to see how we can make it a reality, with all the local and regional context. European funds are one of the components, she said, and legislation is the other. She mentioned to the point the fact that the development of the Black Sea is four years overdue as far as OMV Petrom is concerned, pending legislation amending, a move, a change the company is waiting for, so that the same the same fate will not wait other projects that are to come. In order for Romania to be able to access funds, said Verchere, amend legislation and turn the projects into real projects.

She mentioned that OMV Petrom needs for Romania's offshore drilling legislation to be amended in order for the company to move forward with Black Sea projects, and 2021 is a crucial year in this regard.

We need this gas for Romania, she said, as part of the energy transition process, for energy security and for Romania's economic prosperity. We are lagging behind and we must change that for Romania and the Romanian citizens, added Verchere.