Patriciu: Black Sea Has Huge Oil&Gas Reserves, May Replace Russia’s Pwr Intake

„The Black Sea reserves are huge,” Patriciu said Thursday, contradicting his previous statements.

Early February, he was saying there are not enough oil and gas reserves in the Black Sea and that he is not interested in exploring them.

„We’re dealing with a great diversion. We have been sold illusions, that gas and oil were there,” Patriciu said in February.

According to Patriciu, oil reserves in the perimeters of Black Sea continental plateau amount to 5-10 million tons, while the gas reserves reach 10 billion cubic meters. These reserves, worth tens of millions of dollars, might be exploited in a period of 5-20 years. At that time, Patriciu also said that Romania has large oil and gas reserves, not in the Black Sea, but on land.

On the other hand, Patriciu, through the Romanian unit of Marine Resources Exploration International, also held by Swiss Rompetrol Holding, aims to exploit the sapropelic mud in a Black Sea perimeter, solely or in joint venture with other companies. The sapropelic mud might be used for obtaining synthetic gas through a similar procedure the biomass is obtained. Also, it could be used to produce some substances for soil improvement or for fertilizers.

Patriciu was the founder and head of Romania’s second largest oil group Rompetrol, which he sold to Kazakh KazMunayGaz.

Through Swiss-registered Rompetrol Holding, Patriciu invests in several industries, including energy.