Romanian senators approved a bill on Wednesday that the government hopes will encourage Black Sea gas extraction as the European Union seeks to reduce its reliance on Russian gas.

The legislation, which aims to “ensure Romania’s energy security” and eventually allow it to become a gas exporter, is now expected to be approved by the lower house before taking effect in late June.

It amends a law adopted in October 2018, which had stipulated that half of the gas produced must be sold on the local market and had led companies to put their plans for gas extraction on hold.

An exception within the EU, Romania has significant reserves but must turn to Russia in winter to cover around 20 percent of its gas needs.

A consultant with audit firm Deloitte told AFP in 2018 that the volume of Romania’s reserves could turn it into the main EU gas producer.

According to varying estimates, further untapped reserves of between 170 and 200 billion cubic metres lie deep in the Black Sea that could be extracted by 2040.

That represents the equivalent of Romania’s total annual consumption for 15 years.

Romania’s Black Sea Oil & Gas company has deplored that the new law upholds progressive taxation on revenues from offshore drilling, saying it is still considering if it will start extractions scheduled for this summer.

According to Bucharest, ExxonMobil and other gas and oil companies have invested more than $3.5 billion (3.3 billion euros) in Black Sea exploration and development projects.

ExxonMobil, the US oil giant, announced last year that it would withdraw from the Eastern European country.