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ROMANIA's ENERGY INDUSTRY Business Intelligence You Can Trust ROMANIA’s ENERGY INDUSTRY 2019 Dear Reader, Welcome to the 2019 edition ofRomania’s Energy Industry Report, an in-depth Director: Irina Negoita analysis of one of Europe’s most exciting energy ecosystems. Romania is the Lead Editor: Sorina Dumitru country with the lowest dependency on energy imports in Southeast Europe Analyst & Editor: Radu Dudău and prides itself with an impressive history as the very first nation in the world Media Specialist: Bianca Negoescu to explore and produce oil & gas. Graphic Designer: Flavia Negoescu This report is the result of six months of on-the-ground research, and over 90 interviews with public authorities, c-level executives, analysts and industry experts, coupled with key figures that amount to one conclusion: Romania is Business ripe with opportunity. intelligence After 160 years of exploration and production, the country still holds impres - you can sive untapped potential onshore, parts of which are expected to be revealed through the new licensing round that was just announced. Add to this the trust bountiful natural gas discoveries in the Black Sea capable of propelling Roma - nia to become an essential provider of energy security in Europe. The country is gearing up for what is an inevitable energy transition in the wake of climate concerns – upping its game in renewable energy resources, with immense potential for hydro, solar as well as wind and already boasting the largest- on shore wind farm in Europe. Fulfilling this immense potential, however,- de pends on tackling a few critical issues: unpredictable legislation, an ageing infrastructure and a shrinking talent pool. Overall we found palpable excitement in the air, with people coming together to celebrate national accomplishments - 2019 saw Simona Halep bring home the Wimbledon trophy and people held their breath as Ianis Hagi delivered the key blow against England at the U-21 European Football Championship. get in touch There is no doubt that the world is transforming before our very eyes, -bor ders are dissipating with the flow of newfound resources, energy systems are www.investmentreports.co getting decentralized, and human ingenuity armed with modern technology [email protected] is changing the way energy efficiency is managed. Romania’s stake in this is captured in the pages that follow. We invite you to delve deeper. Enjoy the report! Irina Negoita Sorina Dumitru Co-Founder & Co-Founder & Director Lead Editor table of contents INTRODUCTION world’s first: oil & GAS 81. Interview Habau PPS Pipeline Systems 6. Land of Plenty: Romania’s Energy Industry 82. Interview CIS GAZ 9. Interview InvestRomania 83. Interview Oscar Downstream 10. Romania’s Energy Mix 84. Interview GEFCO 12. Interview Nuclearelectrica 84. E-Mobility: The Future is Electric 13. Interview Hidroelectrica 85. Ushering Change: Energy Distribution Network 15. Interview Ministry of Economy 88. Interview CEZ Group 89. Interview E.ON Romania 17. Interview ROEC Petrom OMV photo: 18. Interview AHK & Interview Advantage Austria 90. Turn on the Light: Energy Supply to End Consumers 19. Workforce: A Shrinking Talent Pool 92. Interview MET Romania Energy 21. Interview OGR & Interview Petroleum-Gas University 93. Interview Renovatio Trading 94. Protecting Vulnerable Consumers 95. Interview Tinmar & Interview Restart Energy LEGISLATION & REGULATORY bodies The first industrial production of oil in the world was reg- 24. A Rocking Boat: Legislation & Regulatory Bodies istered in 1857 in the Romanian Principalities of Walla- 26. Interview: ANRE chia and Moldova... ENGINEERING & TECHNOLOGY 28. Key Pieces of Legislation pp. 32 - 55 98. Smart Everything: Engineering & Technology 29. Expert Opinion Article: Deloitte Romania 101. Interview Eximprod 30. Expert Opinion Article: Privacy One in alliance with Biris Goran SPARL 102. Interview EnergoBit & Interview Elsaco on the rise: renewable energy 31. Interview Wolf Theiss 103. Interview Adrem 104. Technology & Decentralization We want to thank 106. Making Sense of Data: IoT & Analytics our sustainability sponsor VESTAS, EXPLORATION & PRODUCTION 107. Interview Ringhel & Interview Transilvania IT for its invaluable contribution towards 34. World’s First: Onshore E&P 108. Interview Siemens publishing this book on environmentally 37. Map: Active Perimeters for Exploration, Development & Exploitation 109. Interview Schneider friendly Symbol Freelife Satin paper. The 38. Interview Romgaz 110. Interview Aggreko product is completely bio-degradable 39. Interview OMV Petrom Hidroelectrica photo: 111. So How Smart is Romania? and has a high content 42. Interview Mazarine Energy & Interview Sandhill Petroleum Romania 112. Interview ENEVO & Interview Electrogrup of recycled material. 43. Centralized Market Obligation (CMO) 113. Interview Emerson & Interview EATON 45. Interview BRM (Romanian Commodities Exchange) To learn more about VESTAS 46. Interview FPPG & Interview ROPEPCA & Interview Petroleum Club 116. FINAL THOUGHTS and its work please visit 48. Hidden Treasures: Offshore E&P www.vestas.com 49. Map: Offshore Perimeters The renewable energy sector is the one in which Romania 118. COMPANY INDEX 51. Interview BSOG (Black Sea Oil & Gas) has seen the most spectacular investment boom over the 54. Interview Deloitte Romania past decade... 120. editorial & management team 55. Interview Odfjell Well Services & Interview CDI Oilfield Services pp. 56 - 73 RENEWABLE ENERGY sources 58. On the Rise: Renewable Energy Sources exclusive interviews 60. Interview PATRES 61. Interview RWEA 62. A Stormy History: Green Certificates Scheme 64. Interview Repom 65. Interview Monsson 66. Welcome Prosumers 69. Interview Green Seiro 70. Interview Vestas 71. Interview PMG Wind & Interview Carpat Energy 72. A Field of Possibilities: Biomass & Biofuels 73. Interview Clariant Zoltan NAGY-BEGE Adrian VOLINTIRU Franck Albert NEEL Claudia BRÂNDUȘ Vice President CEO Member of the Executive President ANRE Romgaz Board Responsible for RWEA TRANSPORT, DISTRIBUTION & SUPPLY (The Romanian Energy p. 38 Downstream Gas (Romania Wind Energy 76. Opening Borders: Energy Transport Infrastructure Regulatory Authority) OMV Petrom Association) 77. Map: Romania Gas Pipeline Network & Expansion Projects pp. 26 -27 p. 39 p. 61 80. Interview Conpet INTRODUCTION to romania’s energy industry Romania is an emerging economy and this can open more opportunities compared with a developed economy. It is also part of the EU and this membership provides guarantees in terms of legal & regulatory frameworks. Romania has a unique strength in Europe that is at the same time a huge- op portunity for the country – is has its own oil & gas resources. As with any emerging economy, there is still considerable progress to be made, especially in terms of the country’s reg- ulatory framework and infrastructure development. Recent- ly, we have seen increased legislative volatility, but investors are still committed to Romania. Dialogue and consultations can move things forward and achieve win-win solutions both for business and for the country. Franck Albert NEEL Member of the Executive Board Responsible for Downstream Gas OMV Petrom Bran Castle, Transylvania photo: Adobe Stock introducing romania’s energy industry investment reports investment reports INFLATION RON 2018 (YoY) 4.6% NATIONAL AVG. INFLATION EU CURRENCY 2018 (YoY) Leu (RON) 1.7% POPULATION 19,4 MIL AVG. 2019 CURRENT ACCOUNT 1 EURO = 4.7413 RON DEFICIT (% of GDP) URBAN 4.5% 54% photo: Adobe Adobe Stock photo: ROMANIA’s GDP GROWTH % 6.9 Land of plenty YEARLY CHANGE -0.5% 4.8 4.1 Romania’s Energy Industry 3.9 MEDIAN AGE 3.5 3.4 41.6 2.0 2010 1.2 GDP / CAPITA (PPP) Romania boasts a diversified and well ROMANIA’S PRIMARY RESOURCES 2018 (% POWER OUTPUT) 2011 2012 2013 2014 2015 2016 2017 2018 balanced mix of energy sources. This € 23,900 lends it the enviable status of the coun- 0.5 3 -2.8 try with the lowest dependency on en- sources: World Bank, Eurostat & ergy imports in Central and Southeast- National Institute of Statistics ern Europe. 10.5 24 As a country of the Black Sea Basin market, gripping Ukraine in symmet- is also an embodiment of its long and The energy sector accounts for 3.5% and a NATO member of the Alliance’s ric pincers, whose northern jaw is the rich history, especially in the oil & gas COAL of the country’s GDP, but a robust easternmost border, Romania fac- Nord Stream system. Besides, there is sector. energy sector is crucial for other rea- HYDROCARBONs es a strategic environment fraught also the Southern Gas Corridor, due to sons as well – especially in SEE, which NUCLEAR with tensions and geopolitical rivalry. ship Caspian gas all the way to South- The oil industry is more than 150 years is still relatively poorly interconnect- HYDROPOWER The continuous militarization of the ern Italy, which will be a new source of old in Romania, while natural gas has 28 ed with the rest of the continent and WIND Crimean Peninsula, the ”frozen con- gas for the Black Sea countries in the been extracted and used for more than where the only source of import for SOLAR flicts” of Moldova, Georgia and Azer- early 2020s. Considering also the po- a century. natural gas is Russia. Energy security BIOMASS 16 baijan, the tensions between Ankara tential transport of East Mediterrane- is therefore a fundamental pillar of the and NATO, as well as the Black Sea an gas through Turkey to Europe, the This has created a proud tradition, Romanian energy sector. Indeed, com- being a route for the Russian navy to- Southeast European vicinity of Roma- as well as a quite extensive oil & gas pared to its neighbors, Romania has a wards Syria has brought the need for nia looks like a hotbed of energy in- infrastructure. oil & gas productions remarkably diverse and well-balanced 18 increased rotational naval presence by frastructure development and rivalry. peaked in the 1970s, under the social- energy mix, which confers it a sound source: Ministry of Energy NATO military vessels. Romania’s energy status in the region ist system. Those levels were, howev- level of energy security. er, the result of unsustainable extrac- The region is also a crucial passage- tion, in a centrally planned economy.
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