23 October 2020

Romania struggles to match gas supply and demand

The country may have to import additional gas to meet rising demand as domestic resource development fails to keep pace

Romania is the EU’s third-largest gas producer and—unlike its neighbours—has very little dependence on Russian imports. Production from its Black Sea fields has been stable at c.10bn m³/yr in recent years, which roughly matches its consumption. But this equilibrium may be set to change. There is, ironically, no shortage of potential for more gas production. But development has historically been retarded by regulatory uncertainty and lack of investor confidence. A licensing round for onshore and offshore blocks was launched by the Romanian government last year, ten years after the previous round. But investor appetite appears muted; domestic gas prices are low and frequent changes to Roman

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