Romania could become 3rd gas producer of Europe due to Black Sea resources

EU Affairs Director of the International Association of Oil & Gas producers (IOGP) Francois-Regis Mouton, who attended in Bucharest the annual conference called Gas Infrastructure Europe, stated on Thursday that with the extraction of resources from the Black Sea, Romania could become Europe's third largest producer of natural gas. 

Mouton stated that Romania could become the third gas producer of Europe, giving that the potential of the Black Sea exceeds 200 billion cubic meters. 

In addition, these resources of Romania can lead to the diversification of the gas supply in South-East Europe. 

He added that this is the reason for which interconnection is needed, as well as market liberalisation and a stable legal framework. 

He brought to mind the results of a Deloitte study, published in May, according to which the investments in the hydrocarbons sector of the Black Sea will generate revenues to the state budget worth 26 billion US dollars and an addition of 40 billion US dollars to Romania's GDP, by 2040. 

At the same time, these investments will annually endorse an average of over 30,000 jobs. 

The oil companies will invest 15.7 billion US dollars in projects of the Black Sea, between 2018-2020, according to the report.