The Black Sea gas extraction project, Neptun Deep, is four years late, and the Romanian authorities should amend the legislation so that does not happen with other projects, too, said on Monday Christina Verchere, CEO of OMV Petrom.

She attended the third edition of the Atlantic – Black Sea Security Forum, organized by the Aspen Romania Institute, in partnership with the Bucharest office of the German Marshall Fund of the US.

“I am a relatively newcomer to Romania and it is a fantastic place to call ‘home.’ I think the key aspect for me is how we turn all the ideas we have into reality, because we talk about a lot of ideas, but how do we turn them into reality?” asked the head of OMV Petrom, according to Agerpres.

Verchere indicated the European funds as a huge opportunity for Romania, but in order to attract them, the legislation must be amended.

“The energy transition is coming, the road has been set. Now we need to see how we can make it a reality. With all the local and regional context. European funds are one component, the legislation is the other. I use an example here: the development of the Black Sea for us has a delay of four years, waiting for the legislation. This is the move we are waiting for, the change. Wish it would not happen also with other projects that will come. In order to be able to access the funds, we need the legislation in force and transform them in real projects,” Verchere said.

She reminded that OMV Petrom needs the amendment of the Offshore Law to move forward with Black Sea projects, and 2021 is a crucial year in this regard.

“We need this gas for Romania, as part of the energy transition process, for energy security and for Romania’s economic prosperity. We are lagging behind and that is what we must change for Romania and the Romanian citizens,” the energy company representative added.