OMV Petrom, which owns 50% of the Neptune Deep block in the Black Sea, estimates that it will invest up to EUR 2 bln in this project that will start generating resources in 2026-2027, depending on the time when the Offshore Law is amended by the local authorities.

The perimeter is expected to bring OMV Petrom recoverable reserves of 50 billion cubic meters of gas, the company's CEO Christina Verchere said in a press conference on Wednesday, December 8.

According to her, the approval of the amendments to the Offshore Law by the end of the year is vital for the gas from the Neptun Deep block to be extracted.

"Any delay in amending the law puts pressure on the project, threatens Romania's energy security and leads to increased gas imports," she said, quoted by Economica.net. 

If the law is not amended by the end of the year, this will delay the final investment decision for 2023.

At this moment, OMV Petrom and ExxonMobil have equal ownership of the Black Sea Deep Neptune project.

Romgaz has reached an agreement to take over ExxonMobil's stake, and the transaction is expected to be completed in the first half of next year.

(Photo: Pixbay)

andrei@romania-insider.com