The Chamber of Deputies in Bucharest has today adopted the draft law amending the Offshore Law. With 248 votes in favor and 34 votes against, the new law will allow the exploitation of natural gas deposits in the Black Sea. Whereas the ruling coalition made up of PSD, PNL and UDMR supported the new law, arguing it safeguards Romania’s energy security, AUR, a nationalist opposition party, criticized the law, claiming it provides benefits without any sanctions for investors. Energy Minister Virgil Popescu says the exploitation works in the Black Sea will produce more natural gas than Romania will be able to consume, saying that the additional revenues obtained as a result must be directed towards investments. Representatives of the Oil and Gas Federation said the new offshore law has been substantially improved and is based on stability, predictability, competitive taxation and the free market.
