The government is currently in talks with the opposition on the modification of the offshore Law, said the Minister of Economy, Energy and Business Environment, Virgil Popescu.

“If there is a political consensus, the offshore law can be modified very quickly. It can be modified in one month … will leave the Parliament, when there is political consensus. After the hearings we will have discussions (with the Opposition). We want to unlock the investments in the Black Sea, for which two things were needed. One thing we did – repeal of Ordinance 114 – we did this and I said that if the offshore Law is needed, this will be done in Parliament,” said Virgil Popescu, according to Agerpres.

“I have always said that the Black Sea gas opportunity window is narrowing as the day goes by – you have seen that the European Investment Bank is no longer financing gas projects since 2021. We still have the opportunity to use the Modernization Fund for gas projects, the price of gas has started to fall in the European and foreign markets, I think it is a last moment to start the investments in the Black Sea. When they will need it, if they need a change in legislation, it will be done only in Parliament, through political consensus,” said Popescu.

“I maintain my statement that we will not amend the offshore law unless a consensus is reached in Parliament. I am glad that Black Sea Oil and Gas is still undertaking works in the Black Sea, I even talked to them earlier and I support them with everything related to the Ministry of Energy, but for more on the offshore Law let me finish the discussions in Parliament and when we have a final draft then we will go out and present it,” said Virgil Popescu, at the ZF Power Summit.