The situation looks something like this: Exxon, through ExxonMobile Exploration and Production Romania, cooperates with OMV, and both own 50% of the rights and obligations arising from the concession agreement for the exploration, development and operation of the deep-sea perimeter of Neptune Deep. Exxon invested 750 million dollars in exploration, Romgaz bought for 1 billion, that is, a third more expensive. DNA is trying to find out who made the assessment on the basis of which the transaction was carried out and who approved it, taking into account corporate governance (OG 109 / 2011).

Side question: Did OMV spend that much money on scouting? If he did not spend 750 million, because only the property is half-half, how much is the half bought by Romgaz worth?

If DNA did bother to move to Mediaş, to the headquarters of Romgaz, it should delve into the decisions of the AGM and CA and the decisions of the directorate regarding the 4-year delay of the Iernut power plant. The new power plant in Iernut is an ugly story of the national electricity system, from which Romania emerges vulnerable due to the absence of 460 MW of production and unprofitability, since it has been importing expensive electricity since 2019, and the imports are made especially in the period after the start of the war in Ukraine, during which there was a sharp energy prices have increased.

Later edit: We learn that Romgaz have signed the same Spaniard with Duro Fergera for another €70 million. This contract, which also used funds from the National Investment Plan (PNI), is certainly a great topic for DNA.

And there would be another topic for discussion in Mediaș: how Romgaz left Gastrade, that is, the association with BulgarTransGaz and DESFA, gas transport companies from Greece and Bulgaria, the company that developed the liquefied natural gas (LNG) terminal from Alexandroupolis. Today, the terminal is operating, importing about 5.5 billion m3/year of gas, which supplies Greece, Bulgaria, Romania, Ukraine and Moldova with connections to Northern Europe.

A gas plant is also being built across the river in Alexandroupolis, which will generate electricity and have the same routes.

The business is big and profitable because the price of energy is high and, as everyone knows, the money goes into the pockets of the shareholders of the energy companies. Here, Romania lost, first of all, its geostrategic position in European energy, and then money. Was this “renunciation” for money? … there was no such sale! In whose pocket could considerable sums go? If we have to judge who could pay, we look at who is the player who wins the most! At the strategic level, the gain was on the side of Russia, which still transports gas through Turkish Stream (and through Ukraine) to Europe, in addition to LNG.

Here’s a demo:

Every week, the Russian Federation exported about 500 million cubic meters, that is, the annual flow is 26 billion cubic meters. Two corridors and imported LNG evenly distribute the flow of 250 million m3/week.

The same denunciation (with the same winner) can be made for the already 10-year delay in starting gas production from Neptune Deep, the purchased Romgaz concession. We probably understand why the Americans retreated: the beginning of the war in Ukraine (which is also being fought in the Black Sea) makes it impossible to extract these gases, although the governing bodies boast every year that “from next year” extraction will begin.

Staying at Romgaz: the management until now has been focused on investing in renewable energy sources in the great competition that places money started in most national energy companies. Feasibility studies for the acquisition of wind or solar power plant projects have begun. Attention, not completed parks, only projects, that is, promises covered by several documents received from ANRE and documents called technical projects. Two or three years ago, serious investments were expected. We haven’t heard anything, and we’re afraid that after the huge profits made last year, Romgazul won’t join a who-knows-what combination like Duro Fergera. Now we sit and ask ourselves: what is the performance (power factor) of the photovoltaic park in Mureş, knowing that the entire Romanian production of photovoltaic energy is 11%, and the county of Mureş is further north, where the sun shines less. hours per day. And let’s add: it was shown that Romgaz does a bad job of producing electricity. What is another blow to their head?

SAPE (the company that absorbs the Ministry of Energy’s public participation management activities) may also be targeted by DNA because SAPE has caused the most damage to the national energy system by delaying the Tarnica pumped hydro project for at least 10 years. Hidro Tarnița SA wanted a pumped hydroelectric power plant, i.e. a single reliable high-capacity electricity storage system. This type of storage is simple: we have two reservoirs, both located at different heights. If renewable sources produce and there is no need for energy, it is used to pump water into the upper lake. If there is a shortage of energy in the market, the water stored in the upper lake is turbined and produces stored electricity. It would now be seen that there would be no excess energy on days when there is wind and sun, i.e. days of electricity export (which in 2022 was 2.11 TWh), and imports would be only 1.3 TWh h (we have an efficiency of approximately 70%), not 3.19 TWh. – read the entire article and comment on Contributors.ro