Romania’s natural gas producer Romgaz, majority controlled by the state, has started negotiations with large foreign companies with the aim of teaming up and bidding for offshore concession rights made available to investors by the National Mineral Resource Agency (ANRM) for the first time in ten years, Economica.net reported.

Romgaz will definitely bid for onshore perimeters, but it lacks expertise and therefore is attempting to find experienced partners for offshore perimeters, the company’s CEO Adrian Volintiru commented.

The National Mineral Resources Authority announced, at the end of July, that it would auction the rights for the exploration, development and exploitation of 28 perimeters. Of these, 22 are onshore perimeters and 6 are offshore perimeters.

Romgaz already is part of an association, led by Russian group Lukoil, operating an offshore perimeter in the Black Sea. According to the latest estimates, the perimeter (Trident) might have gas reserves of up to 30 billion cubic meters of gas. Romania’s annual consumption is about 10 billion cubic meters.

Separately, Volintiru said, quoted by Bursa daily, that the price of the 20% stake in Greek company Gastrade, which Romgaz could buy in September this year, is EUR 12.5 million. Gastrade is developing an LNG terminal and invited other investors to take part in the project.

Speaking of the investment, the Romgaz GM specified that "there is a structure already defined, with five shareholders, each with a 20% stake.”

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editor@romania-insider.com