Execution agreements for OMV Petrom's Neptun Deep project awarded

OMV Petrom (BVB: SNP), the operator of the Neptun Deep offshore natural gas project in Romania's Black Sea scheduled for starting production in 2027, announced it awarded two more execution agreements, thus reaching a total value of EUR 2 billion – or 80% of the total envisaged for the entire operation.

"We are working with reputed international contractors and suppliers with the skills and experience to deliver this complex project. We also count on the experience of our local suppliers, who have specific [local] knowledge [...]. Our most important objective is to start production safely and within the planned budget in 2027, together with our partner Romgaz, and to support Romania in its transition to become the largest natural gas producer in the EU," said Christina Verchere, OMV Petrom CEO.

The company has signed an agreement with an estimated value of EUR 325 million for the semi-submersible drilling rig Transocean Barents for a minimum period of one and a half years. Moreover, a contract of approximately EUR 140 million was signed with Halliburton Romania for integrated drilling services.

These are in addition to the previously announced EUR 1.6 billion contract with Saipem for the offshore facilities, as well as other smaller contracts.

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