Romania is at risk of losing out on oil and gas development opportunities in the Black Sea as the government has so far failed to address regulations that have deterred investments, with only one operator in the region progressing offshore development plans.

Laws governing oil and gas activities in the country have been in the spotlight in recent years, with local operators — including Petrom, Black Sea Oil& Gas (BSOG) and US supermajor ExxonMobil — arguing current regulations are “hostile”.