Assent of the Romanian coalition on the modification of the law to promote the promotion of gas on the high seas – BollyInside

Romania is moving forward with a plan to open slowed down natural gas projects in the Black Sea as Europe looks for new energy resources to cut dependence on Russia following its attack of Ukraine. The nations ruling coalition has reached an agreement on a long-deferred bill amending the countrys offshore law to help investments and open stalled gas production projects in the Black Sea. The planned changes are set to diminish the progressive taxation brackets and allow larger deductions to spur investments.

A much larger project, the Neptun block operated by OMV Petrom is also poised to move forward. Petrom has said that a final investment decision may be taken early next year, with production starting four years later. The deposit, estimated to hold 100 billion cubic meters of gas, could ensure the nations full independence from Russian supplies.

Lawmakers may fast track the bill after Carlyle-backed Black Sea Oil & Gas SRL said it is ready to start production as soon as the law is in place, with about 1 billion cubic meters of gas expected to be delivered annually. The bill will be submitted for parliament approval on Friday, according to ruling Social Democratic party leader Marcel Ciolacu.

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Assent of the Romanian coalition on the modification of the law to promote the promotion of gas on the high seas - BollyInside