“The focal point of the future strategy is energy security. (…) This is our goal. (…) Not just to have enough for ourselves but to be able to offer security to our neighbors. (…) Romania has to take its role as a provider of energy security for the region seriously,” Gerea said at the ZF Power Summit conference.
Former energy minister Razvan Nicolescu presented part of the future strategy at the end of last year. According to the document drafted by the Department for Energy, the Romanian energy sector requires investments of EUR100 billion until 2035.
In the gas sector, the draft notes Romania has the largest reserves in Central and Eastern Europe, with secure reserves of around 150 billion cubic meters and geological reserves of 615 billion cubic meters. Romania’s annual gas consumption stands at around 14 billion cubic meters, while annual production stands at 11 billion cubic meters. According to the document, Romania’s current natural gas reserves may be depleted within 14 years.
Romania also has secure crude oil reserves of 60 million tons and geological reserves of 2 billion tons, which may be depleted within 23 years.
The electricity production sector is over capacity, due to the financial crisis, and coal-fired production units are the most affected. Even though Romania has several electricity production sources, most units have exceeded their lifespan, are inefficient and pollutant.