Romania To Regulate Offshore Oil & Gas Operations

I. Background

• During the past seven years, Romania has seen a significant increase in offshore exploration in the Black Sea, with the existence of substantial natural gas and oil reserves being confirmed. 
• No specific regulatory regime was adopted for the offshore oil & gas operations in Romania. Such operations are conducted on the basis of offshore oil agreements concluded with the National Agency of Mineral Resources (NAMR), following a concession procedure. The oil agreements come into force upon approval of the Romanian Government by way of a Government Decision.
• In the context of the growing offshore oil & gas activity in Romania, the Ministry of Energy, Small & Medium – Sized Enterprises and Business Environment prepared a draft law on the safety of offshore oil and gas operations, which transposes Directive 2013/30/EU. The draft was published on the Ministry's website on 12 August 2015 together with an invitation to the public submit recommendations