OMV to go ahead with gas project off Romania

OMV announces final investment decision taken by OMV Petrom for the natural gas deep-water project Neptun Deep off Romania.

The Neptun Deep project will be co-developed with Romgaz, the largest producer and main supplier of natural gas in Romania, under OMV Petrom’s operatorship. Both companies approved the development plan for two natural gas fields, Domino and Pelican South, located in the Neptun Deep offshore block. The development plan is subject to endorsement by the Romanian National Agency for Mineral Resources.

OMV Petrom and Romgaz will jointly invest up to EUR 4 billion for the development phase of the project, set to bring on stream around 100 billion cubic meters of natural gas. First production is estimated for 2027 and production at the plateau will be approximately 140 kboe/day, for almost 10 years.

Commenting on the announcement, Alfred Stern, Chairman of the Board of Management and CEO of OMV, and Chairman of the Supervisory Board of OMV Petrom said: “Neptun Deep has always been part of OMV Petrom’s strategy as well as a key strategic pillar of our group portfolio under Strategy 2030 where we strive to supply energy in a more sustainable manner in the future. With Romania set to become the largest natural gas producer in the EU, Neptun Deep is expected to provide a reliable and secure source of energy in the region, while strengthening our group’s position in the Black Sea region and in South-Eastern Europe.”

“This investment decision also comes at a time where OMV Petrom continues to build low-carbon energy solutions to supply the increasing energy demand in Romania.” he added.

The infrastructure required for the development of the Domino and Pelican South offshore natural gas fields includes 10 wells, 3 subsea production systems and associated flow lines, an offshore platform, the main natural gas pipeline to Tuzla and a natural gas measurement station.

OMV Group holds a 51% interest in OMV Petrom.