Economic Contributions

New offshore oil and gas developments will bring significant economic benefits to Romania

Investments into developing Romania’s offshore oil and gas resources will promote Romania’s regional competitiveness, improve its infrastructure and energy security, and bring significant financial benefits to its citizens.

 

The large investments into the country’s offshore gas resource development would generate significant additional government revenues through taxes and royalty payments.

 

There are also indirect benefits to the country with new investment and jobs created through the growth of new service industries and suppliers. This has a multiplier effect that creates benefits to the Romanian economy as a whole as well as its citizens.

RBSTA Econ Benefits Infographic 101217v2 (002)

Investing in offshore resource development will attract billions of dollars of foreign direct investment and is expected to generate significant government revenues from taxes and royalty payments.

Companies investing in offshore resource development will bring state-of-the-art technology to Romania and share know-how with local partners. This includes specialized Black Sea drilling technology allowing operators to drill efficiently and safely in water depths over 3,000 meters, international project management skills, and global operational expertise.

Offshore resource development will also lead to significant investment in Romania’s pipeline infrastructure to bring new supplies to domestic and international markets. This has positive benefits of:

  • Creating construction and operations jobs for the pipelines and associated facilities;

  • Improving the interconnectivity of the Romanian gas market with the wider European market, which increases the security of gas supply for Romanian consumers; and

  • Increasing cross-border trade with neighboring countries, which can improve Romania’s international balance of payments.

The significant investments required to develop offshore resources will also create additional economic activity that will directly support Romania’s growth. Including from:

  • The development of new industries to service the offshore operations;

  • Follow-up investments by other energy companies subsequent to lead-investments made by large international energy companies; and

  • A multiplier effect which creates benefits to the Romanian economy as a whole.