The Canadian company Tenaz Energy is looking for opportunities to enter the Romanian oil and gas market. The company’s business model is generally aimed at the acquisition of productive assets.
“We have evaluated a number of assets in Romania and we want to be part of the Romanian energy industry in the long term. Our business model is to primarily acquire producing assets and then develop them. We are mainly interested in assets that are already producing, but we can also evaluate assets in the exploration zone, where the risks are higher. Our plans mainly target Europe, North Africa and the Middle East”, said Anthony Marino, CEO of Tenaz Energy, at the conference “O&G – answers for today, answers for tomorrow”, organized by Energynomics.
He added that, once entered the Romanian oil and gas market, Tenaz Energy will “probably” focus on the onshore segment.
“From the perspective of legislation in the oil field, Romania is better than most countries. Usually, when we enter a new market, we keep the employees because they are extremely valuable,” Marino said.
The Romanian market is attractive for Tenaz also because here, as in other European countries, the competition is not as severe as in the United States of America.
Marino added that, in his view, extreme energy prices will come down over time, but this can only be achieved through market mechanisms. Overtaxing the profits of energy companies ultimately leads to lower production, and right now Europe needs energy more than ever.
“The windfall tax, although it has been used for 50 years in various circumstances and in various places in the world, tends to lead to a decrease in energy production. I don’t know how effective such a charge would be. Moreover, Europe needs a supply of energy at these moments, and especially locally produced energy. There is no doubt that Europe will be able to secure the necessary resources,” said Marino.
DOWNLOAD THE PRESENTATION OF ANTHONY MARINO
At the same time, Tenaz Energy is also concerned with reducing carbon emissions and has carried out ESG (Environmental, Social, and Governance) projects. “We have been concerned with the ESG side for a long time and we want to advance in this direction to be more easily accepted by the communities in which we work and will work”, said Marino.
“O&G – answers for today, answers for tomorrow” conference was organized by Energynomics, with the support of its partners: ACE Industrial Software, Romgaz, Schneider Electric.