The plenum of the Romanian Senate has adopted amendments to the offshore law. Delayed for a long time, the law regulates the operations regarding the development and exploitation of oil deposits in the offshore perimeters, off the Romanian Black Sea Coast in the Black Sea, as well as of deep oil deposits in onshore perimeters. The bill amending the offshore law establishes the distribution of 40% of the profit obtained to the investors and 60% to the Romanian state, which has the right of pre-emption to gas acquisition. During the meeting, the Energy Minister, Virgil Popescu, highlighted that this law would ensure Romania’s gas security in case of an energy crisis, pointing out that Romania could also become a provider of regional energy security, after it will produce more than it will consume.
He added that the first gas from the Black Sea could be extracted starting with the second half of this year. At the same time, the new law increases the investment deduction