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Offshore Drilling Is a Hit, But Romanian Leaders Are Bungling It

Tour Of Ukraine State Gas Operator Chornomornaftogas Drilling Rig And Gas Field

Photographer: Vincent Mundy/Bloomberg

Plans for offshore drilling, which can stir up emotions in the public, are proving surprisingly popular in Romania. It’s just the Black Sea nation’s leaders who don’t seem to be in a rush to help the multi-billion dollar project along.

Politicians, who are finding it difficult to agree on a law that would green-light the investment, may find inspiration in a study by the research company Inscop and the Romanian Academy, which found almost 8 in 10 Romanians in favor of the plan. Investors such as Exxon Mobil, OMV Petrom and Carlyle-backed Black Sea Oil and Gas are waiting for more favorable tax legislation.