Ukraine’s Naftogaz announces MoU on cooperation with Romania’s OMV Petrom

State-owned UkrGasVydobuvannya, a subsidiary of Ukraine's Naftogaz dealing with natural gas production, announced that it signed a memorandum of understanding (MoU) on cooperation with the leading integrated energy company of Southeast Europe - Romanian group OMV Petrom (SNP).

Naftogaz and OMV Petrom aim to implement joint gas exploration and production projects in Ukraine.

"Naftogaz and OMV Petrom will begin analyzing opportunities for cooperation in promising oil and gas fields in the Ukrainian Black Sea section. According to the Government's decision, Naftogaz has already submitted documents for obtaining 36 special permits for exploration of these areas," said Otto Waterlander, CEO of Naftogaz Group.

The Ukrainian statement points to onshore perimeters as well. The Romanian Carpathians, where OMV Petrom has extensive experience, is a region that has a common geological history with Ukraine's Carpathian region, the company argues.

"Part of the company's strategy is to attract experienced international partners for joint investments. Attracting international investors is an important step towards Ukraine's gas independence by 2030. We consider OMV Petrom a valuable and reputable partner with investment potential, knowledge, and relevant experience in the region," said Waterlander.

"Our strategy is to expand in the Black Sea. The partnership with Ukraine is a logical step towards assessing opportunities in the region, as the country has perhaps the greatest potential for natural gas production in Europe. We are pleased to begin researching possible ways to work with Naftogaz. We are committed to effective and mutually beneficial cooperation to realize these opportunities," said Christopher Waite, Member of the Executive Board of OMV Petrom, responsible for exploration and development.

(Photo: OMV Petrom Facebook Page)