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Let’s talk about COP27

Type:CommentaryDecember 13, 2022

Within this new reality and the ensuing global crisis, COP27 was seen by some as an “oasis of diplomacy”, to quote US Secretary of Energy Jennifer Granholm – a space where countries could come together to act on the global challenge that is climate change. But while countries did come together in some landmark agreements, they left Sharm-el-Sheikh without much progress on actual action to mitigate climate change.

Stories of carbon capture, utilization and storage – dubbed in Romanian

Type:Op-edJuly 13, 2022

As part of the ConsenCUS project, EPG is analyzing the narratives and perceptions surrounding carbon capture, utilization and storage (CCUS) in Romania, where a novel carbon capture and conversion technology will be demonstrated in the near future.

Policy brief: foaie de parcurs pentru avansarea captării și stocării carbonului în România

Type:Policy BriefJune 23, 2022

Acest policy brief rezumă foaia de parcurs pentru avansarea captării și stocării carbonului (CCS) în România, dezvoltat de EPG în cadrul proiectului CCS4CEE. În această foaie de parcurs, EPG prezintă o serie de acțiuni concrete care trebuie implementate de către guvern, operatori economici și alți actori, pentru a realiza proiecte CCS și a contribui la atingerea țintelor de decarbonizare ale României.

Policy brief: a roadmap for advancing carbon capture and storage in Romania

Type:Policy BriefJune 23, 2022

This policy brief summarizes EPG’s roadmap for advancing CCS in Romania, written as part of the CCS4CEE project. In this roadmap, EPG presents a list of actions for implementation by government, economic operators and other actors, to make CCS projects a reality and contribute to Romania’s industrial decarbonization targets.

A roadmap for advancing carbon capture and storage in Romania

Type:ReportJune 23, 2022

As part of the CCS4CEE project, EPG has produced a roadmap for advancing carbon capture and storage (CCS) in Romania, building on its analysis of the context and opportunities for CCS in Romania.

Opțiunile României pentru eliminarea dependenței de importuri de gaze naturale din Federația Rusă – Perspective pentru 2023, 2030 și 2050

Type:ReportApril 1, 2022

Șocul geopolitic cauzat de invazia militară a Ucrainei de către Federația Rusă zguduie nu doar sistemul european de securitate, ci și securitatea energetică a Uniunii Europene, care își acoperă nu mai puțin de 40% din consumul de gaze naturale prin importuri din Rusia. Între statele est-europene puternic dependente de importurile de gaze rusești, România are o situație relativ privilegiată, fiind un producător semnificativ de gaze.

Carbon capture and storage – the Gordian knot of decarbonization in Central and Eastern Europe

Type:Op-edNovember 18, 2021

Carbon capture and storage (CCS) refers to a chain of technologies deployed to capture, transport and store CO2 away from the atmosphere, mitigating its warming effect on the climate. For each step in the CCS process, a range of technologies has been developed and tested for different industries and operating conditions, making CCS a complex value chain rather than a single, “off-the-shelf” technology as it is sometimes portrayed

Executive summary: Assessment of current state, past experiences and potential for CCS deployment in the CEE region

Type:ReportOctober 1, 2021

This executive summary provides a brief overview of the report “Assessment of current state, past experiences and potential for CCS deployment in the CEE region”, written as part of the CCS4CEE project.

Assessment of current state, past experiences and potential for CCS deployment in the CEE region

Type:ReportOctober 1, 2021

In this study, EPG brings together the work of project partners in Work Package 3 of the CCS4CEE project. The resulting report is an in-depth analysis of the current context and opportunities for carbon capture and storage (CCS) in the Central and Eastern European (CEE) region.

Captarea carbonului, un vector de decarbonare în România

Type:Policy BriefOctober 1, 2021

Captarea și stocarea dioxidului de carbon (CCS) poate avea o contribuție importantă la decarbonarea economiei europene și române.

Evaluarea stării actuale, a experiențelor anterioare și a potențialului de implementare a CCS în România

Type:ReportOctober 1, 2021

Acest raport prezintă o evaluare a contextului actual și a potențialului tehnologiilor de captare și stocare a carbonului (CCS) în România, condusă în cadrul proiectului CCS4CEE.

Assessment of current context, past experiences and potential for CCS deployment in Romania

Type:ReportOctober 1, 2021

This report presents an evaluation of the current context and opportunities for carbon capture and storage (CCS) technologies in Romania, written as part of the CCS4CEE project.

The day the oil markets crashed – again. Is this time different?

Type:CommentaryMarch 11, 2020

The global oil industry will continue to be battered by the constraints of climate policies, divestment and lowering returns. True, a depressed oil price environment disincentivizes investment in renewable energy sources, electromobility and, alas, energy efficiency – a lesson well learned in the aftermath of the 2014 oil industry downturn.

Oil markets in 2020: fundamental drivers and geopolitical uncertainties

Type:CommentaryJanuary 17, 2020

The fundamental market drivers are pointing at a balanced oil market in 2020, with a Brent price mostly within the $60-70 a barrel – unless, that is, a massive escalation of the geopolitical tensions occurs, following the targeted killing of Iranian general Soleimani, causing large and indeterminate oil supply disruption.

Natural Gas: Facing a Pricy Winter

Type:Op-edOctober 15, 2018

This analysis details the relevance of each component in the mix, explaining how gas shortages are usually dealt with, and presents the next regulatory steps essential to cover gas demand.

The centralized market as a prerequisite to a gas hub. Lessons for Romania

Type:Op-edSeptember 18, 2018

In a market economy, the term hub generally refers to the intersection of several commercial routes, where an abundance of merchandise from various sources prompts the closing of many deals “on the spot,” transparently, with amounts and prices known to all traders present.

The Outlook for natural gas in Romania and proposals for its value-added capitalization

Type:ReportJune 14, 2018

This report analyzes the current natural gas sector from the point of view of reserves, infrastructure and market setup. The study also addresses the prospects for the evolution of different segments of natural gas consumption by 2030 and provides appropriate policy and regulation recommendations which would lead to the value-added capitalization, on the Romanian Market, of the expected Black Sea natural gas production but also of onshore deposits.

Energy Poverty Today. Part I: Energy Access

Type:Op-edDecember 15, 2017

This article is part of a series of three called Energy Poverty Today, presenting in a nutshell the main concepts and challenges of energy poverty.

The new royalties’ framework in the Romanian O&G upstream

Type:Op-edAugust 16, 2017

The Economy Ministry published in October the draft law for mineral, petroleum, and hydro-mineral resources. The document includes a much anticipated new royalties’ framework for the upstream O&G sector.

Romania´s energy strategy and petroleum taxation. Lessons from Norway

Type:Op-edAugust 16, 2017

Romania´s petroleum tax regime is under review, with lingering uncertainty about its future design. The article discusses strategic considerations of this review, in light of the country expected (but equally unclear and overdue) long-term energy strategy.

History of unitization-based cooperation in the development of offshore cross-border deposits. Part I

Type:CommentaryAugust 15, 2017

This paper traces the history of how states came to cooperate in the development of offshore cross-border oil or gas deposits. First, it explains the shift in how a state´s offshore has come to be viewed from “open to all” to sovereign rights over an exclusive economic zone and finally to cooperation in the interest of all parties concerned. Secondly, it discusses the types of agreements states signed and the problems these agreements solve.

The Oil Market’s Fall Upswing

Type:Op-edAugust 14, 2017

Is this a turning point towards substantially higher oil prices? Most likely not. The same rebalancing mechanism of shale oil producers kicking in at higher crude prices will be prompted. However, we may well see a longer-lived equilibrium around $60 a barrel of Brent, which can make everyone happy for a couple of years.

Natural Gas in the Romanian Energy Mix: Strategic Importance and Circumstantial Barriers

Type:CommentaryMay 13, 2017

Natural gas is the most important form of energy in Romania’s the final consumption structure. In 2015, gas accounted for 29% of the total demand, followed by oil products with 26%, 19% renewable energy sources (RES (including hydro), 17% coal and 9% nuclear energy. Gas consumption is almost equally divided between the domestic and industrial sectors – in the latter gas is used primarily in the production of electricity and as raw material in petro chemistry.

World oil market in 2017: Contango or backwardation?

Type:CommentaryApril 14, 2017

Important market players already bet that days with oversupply of crude oil will soon to be outdated and that the market will return to balance – and therefore back in the situation backwards.

Turkmenistan’s gas hurdles: No end in sight

Type:Op-edApril 14, 2017

Plummeting oil prices and fallen revenues triggered a chain reaction in Turkmenistan, which has a current account deficit of about $6 bn. Ashgabat devalued the currency by 19%. There have been reports of massive food shortages and unpaid wages.

32 Gas market liberalisation. GEO64/2016 and its effects

Type:Op-edMarch 14, 2017

How much will we pay for natural gas in 2017?

Romania holds first capacity auction for Isaccea – Negru Vodă pipeline

Type:CommentarySeptember 13, 2016

Romania’s capacity auction is a significant step in regional gas market opening. At the end of July 2016, Transgaz has signed gasinterconnection agreements with its Bulgarian and Ukrainian counterparts in order to increase interconnectivity and allow bidirectional flow from Ukraine to Greece.

Analysis on the constitutionality of the introduction of a tax on additional profit on the holders of oil agreements

Type:CommentaryJuly 18, 2016

The introduction of the additional tax must be fair, proportionate, reasonable, fair, and the level of taxation must be determined according to objective, rational financial criteria corresponding to the taxpayer contribution (according to the Romanian Counstitutional Court practice)

Natural monopolies:the case of Romania’s distribution network

Type:CommentaryApril 18, 2016

In Romania, a number of industrial sectors that serve the public interest are strictly regulated – natural gas, railroad or electricity systems, to name a few. As such, for the local energy sector, and particularly for electricity, the transmission and distribution services are regulated as “natural monopolies”

The Threats that Cloud Romania’s Upstream Promise

Type:Op-edApril 18, 2016

Romania does offer potential for becoming a regional gas hub. Also, gas exploration, production and transportation networks still need innovative approaches, reform and development.

The household energy market in Romania is in a process of liberalization. Or is it?

Type:Op-edMarch 18, 2016

The adoption of a system that will allow a step-by-step liberalization of energy prices has proved to be an inspired measure, as Romanians would not have been ready for a sudden, direct shift to a free market. The ongoing debates in the Romanian society on vulnerable consumers emphasize just that

Principles of a flexible and stable petroleum fiscal framework

Type:Policy BriefOctober 18, 2015

Romanian Government’s new approach to the oil and gas fiscal regime has all the features of a rigid framework, with meager chances of remaining stable on the long term. But how should a flexible and stable fiscal framework for upstream O&G look like?

Oil royalties and the rule of law (or how the romanian state experiences a drop in self esteem)

Type:Op-edOctober 16, 2015

A good deal of the political and media environment in Romania continues to promote or to dwell in confusion when it comes to the Romanian state´s gain from petroleum activities, popularly known as “the regime of oil royalties”.

The competitiveness of the refining industry in Romania and the EU

Type:CommentaryOctober 14, 2015

During the evolution of the Romanian oil industry, the refining sector emerged at the end of the 19th century by way of a massive import of foreign capital and advanced technology. In 1895 the construction of Steaua Română refinery started in Câmpina, one of the largest in Europe of that time, with capital of Deutsche Bank.

How are we to pay the energy bills?

Type:CommentarySeptember 13, 2015

The creation of a regional balancing market calls into question the commercial viability of the classical electricity generation capacities which ensure, at the national level, this service.

“Fit for fifty” and perhaps for more…? tax regime for petroluem activities

Type:CommentaryAugust 18, 2015

Nobody can deny the sovereign right of states to charge taxes on any activity including petroleum activities. It is of utmost importance when, why and namely how such fiscal measures are established.

Elements of an optimal fiscal regime for Romania’s offshore sector

Type:Policy BriefJune 15, 2015

The investment cycle of an oil project is long-term – typically 25-30 years, or longer for offshore projects. In addition, offshore projects in particular require large upfront exploration capital investments. Also, the investment risk for offshore exploration activities is high, and the cost recovery timeframe can be over a decade.

Hurdles in the Path of Romanian Gas Market Liberalization

Type:CommentaryDecember 14, 2014

The 2018 calendar was supposed to bring a 3% increase in household gas prices as of 1 October 2014, as a first step towards timely liberalization. In light of the burden that would have thus fallen on households ahead of presidential elections held in December, the Government, through its Department of Energy, requested this delay.

Oil and Gas History – tradition and strategic opportunity

Type:ReportDecember 13, 2014

The history of the oil and gas industry has been and is an intrinsic part of the economic and social development of modern Romania. Also, Romania has the prospect that, by the end of the current decade, it will become a top producer of hydrocarbons at European level – especially natural gas.

The fairytale that wasn’t: the Iasi-Ungheni gas interconnector

Type:CommentaryNovember 14, 2014

The Iaşi-Ungheni interconnector is a 43 km long pipeline meant to transport up to 1.5 bcm of gas per year from Romania to the Republic of Moldova, under the Prut River that constitutes the border between the two countries. Construction works only took one year, but they followed three years of talks between the two parties. Costs reached a total of €26.4m, most of which was covered by Brussels and Bucharest.

Small-scale LNG – an opportunity for Romanian transportation

Type:CommentaryOctober 13, 2014

Compared to oil products, natural gas is clean burning, with virtually no particle and sulphur emissions, close to no NOx emissions, and lower CO2 emissions. Increasingly, it is also more affordable, despite higher logistics costs. Romania should follow the lead of many other countries around the world, and consider incentives for ship and truck owners to switch to natural gas.

No shale gas, after all. Implications of Chevron’s exit from Romania

Type:Op-edSeptember 14, 2014

The story of shale gas in Romania has somewhat been that of a fight. Chevron has had to deal with public opposition and outright protests, including clashes with police; mis- and dis-information, and a lack of understanding about the fracking procedure and its risks; overwhelming bureaucracy and a highly volatile and confusing legal procedure when it comes to unconventional gas drilling in the country, even though no moratorium was ever officially instated, like in neighboring Bulgaria.

The need to update the romanian oil and gas legislation for exploration and production

Type:Policy BriefJune 18, 2014

Energy Policy Group, in partnership with the law firm Pachiu & Associates and PricewaterhouseCoopers (PwC), organized the roundtable discussion - Is it necessary to revise the Romanian oil & gas legislation?

The Ukraine crisis: legal and energy security impact in the Black Sea basin

Type:ReportMay 18, 2014

The present study discusses the legal consequences of Crimea’s annexation by the Russian Federation upon the legal status of the peninsula’s Black Sea offshore (continental shelf and exclusive economic zone), with a focus on hydrocarbon exploration and production activities.

Energy independence vs energy security

Type:CommentaryApril 13, 2014

For the energy public debate in Romania, there are often two seemingly interchangeable terms – security and energy independence. The two concepts are different, however, and understanding the differences is very important

Romania’s energy security options: 2014 and natural gas market projects

Type:CommentaryFebruary 13, 2014

Romania's most important foreign energy policy project, the Nabucco gas pipeline, failed definitively in June 2013, when the competition for the transport of Azerbaijani gas to the EU in favour of the TAP (Trans Adriatic Pipeline) project.

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