Black Sea area at the crossroad of the biggest global energy players' interests. The impact on Romania

摘要

By its geographical position in the neighbourhood of large proved reserves of natural gas and crude oil, the Black Sea region has a triple geostrategic and geo-economic dimension, as direct source of energy, major transport corridor for Eurasian energy resources to EU consumers, on the emerging Caspian Sea-Black Sea-Mediterranean Sea axis, and major factor of energy security for the EU and Romania. From this triple perspective it is necessary to assess whether a coordinated approach of the Black Sea region will be able to improve and sustain the European energy security and first of all Romania's national energy security, by applying strategies for diversifying supply sources, by stimulating competition on the supply side, through the efficient turning to account of its own resources and by connecting to the infrastructure projects allowing diversification of transport routes and access to new sources of energy, including return flows from West Europe. Although by the cancellation of Nabucco project, Romania has been deprived of an important infrastructure project it has, at least theoretically, other sources and opportunities to enhance energy security, thanks to discoveries in the Black Sea offshore area, to potential shale gas and renewable energy resources and last but not least by its nuclear energy capacity and potential. The year 2020 is looming as a common deadline for Europe in achieving several strategic objectives (the possibility of starting shale gas production in some European countries, the completion of major transport gas corridors gas, early operations of natural gas development in Black Sea waters etc) each of them marked by a substantial dose of uncertainty. But the current year could bring, in many respects, an economic, political and strategic clarification for Romania, given that the industry is renegotiating the fiscal regime for oil and gas extraction. The new tax system must be designed in a manner that stimulates equally the interests of foreign investors-because of large necessary investment funds, difficult geological conditions, lack of technological know-how and of capacity to access funding mechanisms and global portfolios by Romania-while ensuring a resource recovery to the benefit of the society.