The answer seemed clear last year: Yes it will, as the recent gas discoveries in the Black Sea offer Romania the opportunity to become an important voice on the European Union’s energy market. However, a final investment decision (FID) has been taken only for the project developed by Black Sea Oil & Gas, a company owned by the Carlyle Group and EBRD. According to the statements of the company’s management, the FID was taken in good faith and on the assumption that all restrictions on the free movement of gas on a fully liberalized market shall be removed. The FID for the largest Black Sea project, developed by ExxonMobil and OMV Petrom, was postponed. We can only assume that the main reason is legislative instability. […]” – Anca Mihailescu, May 2019 issue of the CEE Legal Matters magazine.

Originally published in Cee Legal Matters