Dinu Patriciu Changes His Mind After Seven Months: Black Sea Energy Resources, Europe"s Alternative to Russian Imports

• During the Sterling scandal, the businessman claimed that Black Sea hydrocarbon resources were not to significant

Europe should pay distinct attention to the energy reserves in the Black Sea, which constitute a viable alternative to imports from Russia. "I do not regard the Black Sea merely as a bridge. The region is very rich in resources, especially in non-conventional hydro-carbons. Such resources have been revealed through research, but they need to be discovered," Dinu Patriciu, CEO of DP Holding, told the Black Sea Energy and Economic Forum yesterday.

He added that, although the classic hydrocarbon era was far from over, the major oil corporations were not yet ready to take the step beyond classic exploitation methods. "Maybe we will speak about gas hydrates in the future. These are the richest resources compared to the other existing resources, and that could cause the industry to change," Patriciu added.

His current stance is at least strange, as it contradicts the statements that he made seven month ago. In February 2009, shortly after the start of the Sterling scandal concerning the concession of the gas deposits in the Black Sea, Dinu Patriciu said: "We were all very enthusiastic about the verdict passed in the Hague. We all saw it as a victory and then we were sold illusions that the area contained oil and gas that would make the country rich for decades to come. However, the reality is different, and specialists have proven it: people got carried away with enthusiasm. The area contains between five and ten million tonnes of oil, which is between one third and two thirds of Romania"s annual consumption and can be depleted in five-to-twenty years. It also has gas, about 10 billion cubic metres, which can be extracted up to 80 per cent, if you are lucky."

The media at that time suggested that Patriciu was connected to Sterling Resources, but he denied the allegation despite the fact that one of his directors, Niculae Vidu, was also Sterling"s representative in Romania.