“Global upstream investment is estimated at $1.8 billion between 2011 and 2014, with around 85% addressed to the conventional sector,” Iuga said at the 2013 ZF Power Summit in Bucharest Wednesday.
“Romania has potential to become a regional energy pole,” he added.
Iuga said Romania’s potential hydrocarbon resources in the Black Sea are both attractive and cost inducing.
“It takes a $100 million investment to drill a well in the Black Sea, so the risks are higher when it comes to offshore projects; however, the potential is also large,” he said.