Fine of more than 10 million euros for three offshore gas producers, who sold at a higher price than the capped one / Who is the supplier who bought

Offshore gas producers Black Sea Oil and Gas, Petro Ventures Resources and Gas Plus Dacia were fined by ANRE with a total amount of 54.5 million lei (over 10 million euros) – more than 3% of their turnover in 2024. The fine comes after they sold gas at a price higher than that set by the state. The company with which these producers have a contract is Engie, one of the largest gas suppliers in Romania.

Black Sea Oil and Gas (BSOG) was fined 37.1 million lei, Petro Ventures – 11.5 million lei, and Gas Plus Dacia – 5.8 million lei.

In 2022, the state capped the price at which gas producers sell to suppliers at 150 lei per MWh. From 2024, this ceiling decreased to 120 lei per MWh.

These companies have been repeatedly sanctioned since 2022, for the same deed, said the president of ANRE, George Niculescu.

“Their decision not to sell the gas extracted from the offshore perimeters at the regulated price established by law represents a serious deviation from the legislative and regulatory framework in force. ANRE decided to apply a fine of 3% of the turnover, the total amounting to almost 10 million euros. I was and am a supporter of offshore gas exploitations. This does not mean that the Black Sea offshore must become a kind of Wild East, where economic operators choose to does not respect the law”, said Niculescu.

Engie, the gas supplier that sources from these producers

ANRE did not specify what was the effect for the market or for consumers of this behavior of the sanctioned gas producers.

The three companies are associated in the Midia Gas Development offshore gas project. BSOG is the operator, with 70% of the concession, while Petro Ventures owns 20% and Gas Plus Dacia – 10%.

In 2018, BSOG signed a 10-year agreement with gas supplier Engie, which will buy gas extracted from the Midia perimeter.

Engie is one of the largest gas suppliers in Romania for the population. The final price paid by consumers is also capped from 2022, at 0.31 lei/kWh, so it was not directly affected by the behavior of producers.

The capping/compensation scheme established by the state involves capping the price and covering the difference from the selling price from the state budget. ANRE did not specify whether Engie requested the settlement of a larger difference in money from the state budget.