Romanian President invites OMV Petrom to start Black Sea operations as offshore law is ‘favourable’

During his November 21 meeting with a delegation of OMV Petrom, led by the executive general director of OMV and chairman of the Supervisory Board of OMV Petrom, Alfred Stern, President Klaus Iohannis requested the OMV management to start offshore exploitation within the perimeter given by the state under concession to Romgaz and OMV Petrom as soon as possible, “considering that the Offshore Law in force at this moment is favourable.”

President Iohannis reiterated the strategic importance of this project for Romania.

The statement could be interpreted in the sense that OMV should expect no more amendments to the Offshore Law or relevant paragraphs of the Fiscal Code. Romania amended the Offshore Law earlier this year, sweetening provisions accused by OMV Petrom as blocking the investment decision at Neptun Deep - Romania’s largest to-moment Black Sea natural gas deposit.

In its turn, the management of OMV presented the status of the project and the key steps taken, and promised to adopt the final investment decision in mid-2023, so that the exploitation of natural gas from the Neptun Deep perimeter will start “as soon as possible.”

Other topics touched on during the talks between the Presidency and the OMV management were the main directions for implementing an ambitious investment plan, including the production of energy from renewable sources, biofuels and the adoption of new technologies.

(Photo source: Presidency.ro)