Romania's Bond Rally Set to Gather Pace With Rating Risk Reduced
The Black Sea nation's new government on Wednesday unveiled a broad package of spending cuts and tax increases to rein in the European Union's widest fiscal gap. The government plans to present the measures, which include raising the value-added tax and cuts in public sector wages, at next week's meeting of EU finance ministers.
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Yahoo
3 hours ago
- Yahoo
OMV Petrom discovers new natural gas reservoir in Spineni, Romania
Romania-based OMV Petrom has discovered a new natural gas reservoir in Spineni, marking a notable development in Southeastern Europe's energy sector. Located approximately 70km north-east of the southwestern city of Craiova, the discovery was made at the 1 Spineni exploration well, which was drilled to a depth of around 4,800m. The exploration well has confirmed the presence of natural gas and condensate, with production testing supporting the findings. Well tests have indicated a production potential of 180,000m³ of natural gas and 25m³ of condensate per day. This translates to a total of 1,300 barrels of oil equivalent per day from the discovery well, signifying a substantial addition to the region's energy resources. OMV Petrom Exploration & Production executive board member Cristian Hubati said: "In 2025, we plan to invest 5.8bn lei in exploration and production, with nearly half allocated to onshore operations, while also advancing offshore Neptun Deep, a strategic project that requires large-scale investment. "We continue to invest to contain the natural decline in production from mature fields and to pursue new near-field opportunities in proximity to our existing operations." The prospect was initially identified using data from the 3D Spineni seismic survey, which was conducted in 2022 within the X Craiova block. The testing phase has established the commercial viability of the discovery, allowing the approval of a development plan to exploit the reservoir. During the exploration phase of this onshore project, OMV Petrom has invested approximately €15m ($17.6m). The discovery of this new natural gas reservoir is poised to contribute significantly to the local and regional energy supply. In March, OMV Petrom and ROMGAZ started drilling at the Neptun Deep project, which is claimed to be the largest natural gas project in the Romanian Black Sea and the country's first deepwater offshore project. "OMV Petrom discovers new natural gas reservoir in Spineni, Romania" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Washington Post
7 hours ago
- Washington Post
Top EU officials head to Moldova for key summit ahead of a pivotal parliamentary election
BUCHAREST, Romania — The European Union's top officials will travel to Moldova's capital on Friday for a key bilateral summit to strengthen ties months before the EU candidate member holds a pivotal parliamentary election. Moldova's pro-Western President Maia Sandu and Prime Minister Dorin Recean will host the European Commission President Ursula von der Leyen and Council President António Costa in Chisinau. Talks will focus on EU membership, security and trade. The leaders are expected to issue a joint statement afterward. Brussels agreed to open accession negotiations with Moldova for EU membership last year after granting official candidate status in June 2022, the same day as neighboring Ukraine. Some observers say Hungary's opposition to Ukraine's EU membership could hamper Moldova's progress, since both countries' applications are being processed concurrently. 'Moldova is now at the most advanced stage of European integration in its modern history,' said Daniel Voda, Moldova's government spokesperson. 'The path toward the EU has become clear, irreversible, and politically embraced at the highest level.' Brussels is keen to reaffirm its commitment to Moldova joining the 27-nation bloc with the approach of a parliamentary election Sep. 28. Allegations continue to circulate about Russia conducting a 'hybrid war' against the former Soviet republic by interfering in elections and spreading disinformation. Moldova's pro-Western government led by the Party of Action and Solidarity, or PAS, has been in power since 2021. Moldova watchers have warned the upcoming parliamentary vote is in Moscow's crosshairs. The summit's agenda states EU leaders will reiterate their 'unwavering commitment' to Moldova's sovereignty and security in the face of 'Russia's continued hybrid attacks.' Moscow has denied meddling in Moldova. Radu Magdin, a political analyst at Smartlink Communications, said the joint summit is 'of top symbolic importance' and could bolster support for PAS in the upcoming elections. 'The elections are pivotal, as a PAS government majority or a PAS-led coalition can be more credible for Brussels in terms of genuine intention of reform,' he said. 'The main threats to Moldova's accession process is any EU state opposition to Ukraine's entry.' Moldova's membership in the EU is conditional on the country enacting reforms in policy areas, known as chapters, in areas such as the rule of law, fundamental rights and economic reforms, a process that will likely take years. To support such reforms, Brussels is providing Moldova with up to 1.9 billion euros (about $2.2 billion) between 2025 and 2027. 'EU accession is not just a destination,' said Voda, the government spokesperson. 'It's a profound change for the benefit of the people.' President Sandu was reelected in a heated election last year that saw her beat a Russia-friendly opponent in an election cycle beleaguered by claims of Russian interference and voter fraud. Moldovans last year also voted narrowly in favor of securing the country's EU path. ___ McGrath reported from Sighisoara, Romania.
Associated Press
7 hours ago
- Associated Press
Top EU officials head to Moldova for key summit ahead of a pivotal parliamentary election
BUCHAREST, Romania (AP) — The European Union's top officials will travel to Moldova's capital on Friday for a key bilateral summit to strengthen ties months before the EU candidate member holds a pivotal parliamentary election. Moldova's pro-Western President Maia Sandu and Prime Minister Dorin Recean will host the European Commission President Ursula von der Leyen and Council President António Costa in Chisinau. Talks will focus on EU membership, security and trade. The leaders are expected to issue a joint statement afterward. Brussels agreed to open accession negotiations with Moldova for EU membership last year after granting official candidate status in June 2022, the same day as neighboring Ukraine. Some observers say Hungary's opposition to Ukraine's EU membership could hamper Moldova's progress, since both countries' applications are being processed concurrently. 'Moldova is now at the most advanced stage of European integration in its modern history,' said Daniel Voda, Moldova's government spokesperson. 'The path toward the EU has become clear, irreversible, and politically embraced at the highest level.' Brussels is keen to reaffirm its commitment to Moldova joining the 27-nation bloc with the approach of a parliamentary election Sep. 28. Allegations continue to circulate about Russia conducting a 'hybrid war' against the former Soviet republic by interfering in elections and spreading disinformation. Moldova's pro-Western government led by the Party of Action and Solidarity, or PAS, has been in power since 2021. Moldova watchers have warned the upcoming parliamentary vote is in Moscow's crosshairs. The summit's agenda states EU leaders will reiterate their 'unwavering commitment' to Moldova's sovereignty and security in the face of 'Russia's continued hybrid attacks.' Moscow has denied meddling in Moldova. Radu Magdin, a political analyst at Smartlink Communications, said the joint summit is 'of top symbolic importance' and could bolster support for PAS in the upcoming elections. 'The elections are pivotal, as a PAS government majority or a PAS-led coalition can be more credible for Brussels in terms of genuine intention of reform,' he said. 'The main threats to Moldova's accession process is any EU state opposition to Ukraine's entry.' Moldova's membership in the EU is conditional on the country enacting reforms in policy areas, known as chapters, in areas such as the rule of law, fundamental rights and economic reforms, a process that will likely take years. To support such reforms, Brussels is providing Moldova with up to 1.9 billion euros (about $2.2 billion) between 2025 and 2027. 'EU accession is not just a destination,' said Voda, the government spokesperson. 'It's a profound change for the benefit of the people.' President Sandu was reelected in a heated election last year that saw her beat a Russia-friendly opponent in an election cycle beleaguered by claims of Russian interference and voter fraud. Moldovans last year also voted narrowly in favor of securing the country's EU path. ___ McGrath reported from Sighisoara, Romania.
