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The second nail in the coffin came when the second-largest player in RomaniaвЂ™s offshore, the Russian private oil firm LUKOIL, announced that it would leave the Black Sea country. This is undoubtedly a long shot, as getting an FID has been problematic for 3 years already, so there are reasons to assume it will be even more troublesome with ExxonMobil gone. Despite losing out on all international exposure and perhaps crucial financing, the state now seeks to fast-track a final investment decision on the project so that it is commissioned on time, i.e.

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Yet even PGNiG has decided not to bid for the remaining license block, prompting the Romanian government to start conjuring up a domestic dream-team of OMV Petrom and Romgaz (the latter is partially owned by the state). Of those 3 companies, one was the Polish national oil and gas company PGNiG, with a bit of reputation of following through with transactions that might be sub-commercial in the end. Related: Has Asia Lost Interest In North Sea Oil? Tempted by the prospective hydrocarbon bounty (despite the governmentвЂ™s taxation plan), 3 companies have decided to bid for the Exxon stake. The Neptune Deep block straddles both the Bulgarian and Turkish maritime borders, comprising the Pelican South and Domino gas discoveries that total some 70 BCm. Less than a year later, Exxon has now confirmed its intent to sell its stake, saying that it had already invested some $750 million and was wary of spending a further $3 billion. This was during the spring of 2019 when the entire issue could have been settled to the mutual interest of both. Devoid of a functional government structure, Romania has nevertheless managed to ease the conditions of the gas price cap, even if the Offshore Law remains unaltered, providing a fitting undertone to the past monthsвЂ™ developments.ДЇirst came speculation that ExxonMobil, the operator of RomaniaвЂ™s largest up-to-date discovery the Neptune Deep gas project, wants to quit Romania on the back of adverse regulatory conditions. This was then further aggravated by Government Ordinance 114 in 2018 which capped gas prices sold to households, creating a situation in which companies wanted to leave the country.

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This piece of legislation has done a great deal of reputational damage to the country as it introduced a progressive windfall tax of up to 70% of additional income as well as an obligation to sell 50% of offshore gas output to the domestic market (with a full system of fines if firms are found to be not compliant). As much as transparency aids sustainable business, it has also backfired as RomaniaвЂ™s political class has added the prospect of a deepwater gas bonanza to its political armoury, sensing that it would be expedient to split the pie even before its baked.Д«uoyed by the seeming plenitude of offshore discoveries, the Romanian parliament adopted the Offshore Law in November 2018. Romania was the only Black Sea country whose discoveries were openly discussed (in contrast to Bulgaria whose Han Asparukh prospect remains mired in ambiguities) by specialists and laymen alike. For a long time, Romania was perceived as the most likely Black Sea country to kickstart hydrocarbon production from deepwater projects вЂ“ shallow water projects have been around for a couple of decades already, albeit at low production rates. Yet one drilling campaign after another has brought poor results to the nations bordering the Black Sea: Turkey has failed to find any commercially viable deepwater field for more than 50 years (until its dubious 2020 discovery of a giant field), Russia has seemingly abandoned its Black Sea ambitions on the back of non-commercial discoveries, and Bulgaria is struggling to nudge its erstwhile hot prospects into the category of fields to be developed. After all, oil-rich Azerbaijan, and the Caspian region in general, was one of the first spots in the world to see mass-scale crude production. There is a long history of drilling for hydrocarbons in the Black Sea.

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иЁж†¶ dream field see-saw

иЁж†¶ dream field see-saw