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OMV Petrom has made the final investment decision for the Neptun Deep project and, together with its partner Romgaz, approves the development plan. The Neptun Deep project is expected to deliver a total gross volume of approximately 100 billion cubic meters of natural gas, which will be split equally between the two partners. First natural gas production is planned for 2027, following total project development investments of up to 4 billion euros.
This final investment decision is an important step in the realization of OMV Petrom’s 2030 Strategy. The project is expected to contribute to a 50% increase in the company’s operating profit in 2030, according to a press release issued by the company. Romania will become the largest producer of natural gas in the EU and a net exporter of natural gas, strengthening the security of supply, claims OMV Petrom.
“OMV Petrom, the largest integrated energy company in Southeast Europe, together with its partner Romgaz, has made the final investment decision for the development of the Neptun Deep project in the Black Sea. OMV Petrom is the operator of the project, with a 50% stake. The two companies approved the development plan for the Domino and Pelican Sud commercial natural gas fields in the Neptun Deep offshore perimeter, which is submitted for confirmation to the National Agency for Mineral Resources (ANRM)”, says the press release.
“With the final investment decision for the Neptun Deep project, we enter the development phase of the first offshore project in deep waters in Romania together with our partner, Romgaz. This is an important step forward in the execution of the company’s Strategy 2030 and will bring significant change to our portfolio. Our proposition to shareholders remains to increase investment, increase profitability and dividends – all while ensuring a long-term sustainable business during our energy transition“, said Christina Verchere, CEO of OMV Petrom.
OMV Petrom and Romgaz will invest up to 4 billion euros for the development phase of the project, which will generate a production of about 100 billion cubic meters of natural gas. First production is expected in 2027. Production at the pad will be approximately 8 billion cubic meters annually (~140,000 boe/d) for approximately 10 years.
Sources for G4Media disclosed thatOMV Petrom submitted this year to the International Court of Arbitration in Paris a complaint against the Romanian state – through the National Mineral Resources Agency (ANRM) related to the regime for the sale of gas from the Black Sea.
The complaint submitted to the Court of International Arbitration in Paris is also directed against Romgaz Black Sea Limited, the Romgaz subsidiary bought from ExxonMobil and which operates the Black Sea field together with OMV Petrom. OMV Petrom’s complaint seeks to change the offshore law regarding how the company can dispose of the gas produced from the Black Sea.
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