UK & Romania: Deepening the energy policy agenda
The UK is deepening its cooperation with Romania across the energy policy agenda, said Her Majesty's Ambassador Paul Brummell, British Embassy in Bucharest, in his speech at the Romania Oil & Gas conference.
He commented, “It provides an excellent example of two EU countries working together to deliver on this agenda – it's a cooperation that makes great sense, not least because the UK and Romania share many common features across our energy mix.”
The countries' collaboration in oil & gas development, he said, includes the participation of oilfield services provider Petrofac, a FTSE listed company looking to invest up to EUR 300 million for the redevelopment of mature oil and gas deposits in Romania. “The company brings new technologies to Romania to boost oil production and has introduced new practices and standards for health and safety.”
Other activity, he said, includes British engineering consultancy Amec Foster Wheeler and Zeta Petroleum.
Britain's legacy of offshore exploration could also provide big help and insights to Romania in its offshore Black Sea exploration, said Ambassador Brummell.
“It's important to realize that there are British companies operating at every stage of the supply chain with offshore experience which can be brought to the Black Sea.”
Melrose and Partners, a division of Petroceltic, also had a $130 million investment plan for oil and gas exploration in the Black Sea, he added.
Romania, he noted, is presently one of the only countries in Europe that can meet the majority of its energy needs from domestic sources. Still, the Ambassador admitted that Romania faces challenges similar to those of Europe as a whole: “Energy security, particularly in the context of events in Ukraine.”
In this context, he mentioned the European Commission's Energy Security Strategy, the aim of which he said was to improve security of supply and emphasize the clear links between energy security and reaching the 2030 energy and climate objectives.
The second goal, he said, was to increase energy production in the EU and diversify supply countries and routes. Completing the internal energy market, he explained, involved the continued building of infrastructure links.
Ambassador Brummell concluded: “We're looking for further opportunities to bring British capital, technology and know-how to this important new frontier, helping Romania develop more secure and diverse sources of energy.”
-Drew Leifheit