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Crude awakening: Romania's Black Sea oil and gas finds fuel Europe's energy hopes

Huge discoveries of oil and gas in the Black Sea off Romania have thrust the country back into the heart of the region’s energy market. In addition

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Crude awakening: Romania's Black Sea oil and gas finds fuel Europe's energy hopes

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Huge discoveries of oil and gas in the Black Sea off Romania have thrust the country back into the heart of the region’s energy market. In addition to providing much needed revenue for Bucharest as its existing wells run out, the new resources are a
boost to Europe's long-standing quest to make itself less reliant on Russian oil and gas. Supplies from Russia are subject to geopolitical tensions between East and West and the threat of disruption is a constant worry for Europe. To what extent could the new Romanian carbon finds ease those concerns? That is the question in this edition of Reporter. Hans von der Brelie travelled to the epicentre of this unfolding drama to get the views of experts, analysts and ordinary people.

Point of view

The Black Sea is a potential for Europe. The hope is that by discovering and developing the gas in the Black Sea that Romania will become independent from imports in the gas area. But even more, if the discoveries, if the quantities will be higher, those discoveries could lead also to cover some of the European needs.

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Mariana Gheorghe, Chief Executive Officer, OMV Petrom