“Energy security involves ensuring the chain of production, transport and consumption of electricity starting from the sources, in a certain perimeter, in a certain geographical area, going along the transport chain to the consumer, in an efficient way so that you have the availability sources, so that you have continuous operation to reach the final customers, with cheap energy.

The volatilities of the last period, at the geopolitical level, have raised the level of attention regarding energy security and regarding the availability of energy sources, putting in particular the light on low-emission energy sources, green energy sources,” Cristi Hubati, Executive Board Member, OMV Petrom said during Energy CEO Forum organized by The Diplomat-Bucharest.

“We can and must transition to a zero-carbon economy. Gas is a transition fuel; it has low emissions.

We cannot switch from one energy source to another energy source such as solar or wind in one step. Because the scale at which we consume energy is much larger. We need a transition; we need a step in the middle. We can do this with gases.

Petrom wants to be at the forefront of the transition to a low-emission economy. At the center of this transition is our strategy for the year 2030. Our strategy implies 11 billion euros in investment projects to ensure the company’s transition towards sustainable and green businesses.

Within the strategy are photovoltaic and wind energy generation projects. We have biofuels, electromobility projects and the expansion of the gas portfolio.

Why is Neptune Deep very important? Because in 2027, when the first gas molecules will be produced, we will practically be the largest gas producer in Europe. We will be a pole of energy security in the region and the project will be a pillar of economic support. It will create jobs, it will create additional income for the state budget, it will create prosperity.

Last year we went through the investment decision. We are developing the project together with Romgaz. The project is in full speed, at this moment, in execution. A large team, with many nationalities, with many decades of experience. We are quite determined, and you will see progress very soon.”