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Senate Passes Offshore Law – Romanian Journal

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The Senate plenary session adopted legislation on Wednesday on amendments to the offshore legislation that regulates oil operations in oil fields exploration, development and development, both offshore and around deep-sea oil. According to the text of the law, the Romanian state reserves the right to preempt the acquisition of natural gas.

Bill The bill was adopted with 91 votes in favor and 13 votes against. On Tuesday, the Senate’s Finance and Energy Commission issued a joint approval report on the Black Sea Offshore Gas Exploitation Act, with 17 votes in favor and 2 votes against.

The USR has filed a threat to transfer gas revenues to the Pillar II pension. The amendment was rejected at the plenary session with 21 votes in favor and 65 votes against.

According to Energy Minister Virgil Popescu, the first gas will be extracted from the Black Sea later this year.

Energy Minister Virgil Popescu also emphasized that amending the current law will not prevent investment in the Black Sea, accelerate investment in the deep sea, and ensure the security of the country’s supply. The energy crisis, and Romania could also become a provider of regional energy security after producing more than it consumes.

The bill sparked fierce debate within the ruling coalition and was submitted to parliament in mid-April after months of misunderstanding. The legislative initiative provides that Romania has a preemptive right to buy gas and also regulates land exploitation. It also regulates a competitive tax system so that revenues are distributed at a rate of about 60% in Romanian states and 40% in investors.

The Senate Plenary Session adopted a legislation on Wednesday on amendments to the Offshore Act, which regulates oil operations in oil fields exploration, development and development both offshore and around deep-sea oil. According to the text of the law, the Romanian state reserves the right to preempt the acquisition of natural gas.

After the Senate vote, the law is also discussed by the decision-making body, the Legislative Chamber, in this case.

https://www.romaniajournal.ro/politics/senate-passes-the-offshore-law/ Senate Passes Offshore Law – Romanian Journal

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