OMV Petrom and Romgaz should announce this year the investment decision related to the extraction phase of Neptun Deep natural gas deposit in the Black Sea, considering the current context on the gas market, energy minister Virgil Popescu said on September 21, speaking at the Romanian International Gas Conference organized by the Romanian Oil and Gas Employers' Federation (FPPG).

"I expect and wish the decision of Romgaz and Petrom to be taken as soon as possible, [...] including by the end of this year. I wish this because there is a special situation in the market. [More] natural gas is needed in the market, and Romania can play a role. I think the Offshore Law is clear enough. I believe a decision will be made by the end of this year," the government official said, according to Economica.net.

Romania sweetened the Offshore Law earlier this year, and state-owned gas company Romgaz took over Exxon Mobile's 50% stake in the Neptun Deep project, with an estimated reserve of 48-84 bln cubic meters of natural gas.

andrei@romania-insider.com

(Photo source: Gov.ro)