Romanian group OMV Petrom ready to resume investments in Black Sea gas project “once barriers are removed”

Romanian oil and gas group OMV Petrom is ready to invest billions in the Neptun Deep gas project in Romania’s Black Sea section once the new Government lifts regulatory barriers that put the project on hold last year, the company said on Monday, December 2.

The statement is important since U.S. group ExxonMobil, OMV Petrom’s partner in the project is seeking to sell its stake and this has generated concerns about the future of the project on short to medium term.

“We’re prepared to start multi-billion-euro investments for Neptun Deep once all the barriers are removed,” OMV Petrom’s CEO Christina Verchere told Reuters in an emailed letter.

The statement comes as Romania’s new Liberal Government works on removing all the regulations with negative impact on key business sectors enacted by the Social Democrat majority last year. The new Government promised to amend the emergency ordinance (OUG) 114/2018 - that includes part of the obstacles mentioned by OMV when suspending the project.

However, the Liberals haven’t mentioned changing the Offshore Law yet, as amending this bill will likely require more negotiations among the partners of the parliamentary majority that supports the cabinet of PM Ludovic Orban.

(Photo source: the company)