OMV Petrom CEO: Black Sea gas is waiting to be exploited, 2021 is a critical year

This year is critical for the offshore gas projects in the Black Sea as the gas there is waiting to be exploited and the investment decision depends only on the measures to be decided by the Romanian authorities, OMV Petrom CEO Christina Verchere said in an interview with Agerpres.

She expects the Parliament to change the Offshore Law in its first session this year.

The Black Sea gas is essential for Romania’s energy supply. If these projects don’t materialize, Romania’s gas imports could rise to 40% of the domestic consumption by 2030, Verchere said.

Once the Offshore Law changes, OMV Petrom will need about 12 months to decide on the investments it will make in the Black Sea, Verchere said at a press conference on Thursday.

"For projects of this magnitude, there are mandatory requirements that must be met: first, the legislative structure, fiscal stability and the appropriate infrastructure. These are fundamental elements that must exist and it is important to have stability. Normally, for such a project, it takes 12 months to make a decision and, from that moment, four years until we extract the first gas resources," Verchere said, quoted by Economica.net.

She didn’t comment on what the group will do if the Offshore Law doesn’t change this year.

OMV Petrom holds 50% of the biggest offshore gas perimeter in the Romanian Black Sea section – Neptun Deep. US group ExxonMobil owns the other 50% and operates the project. However, ExxonMobil has been looking for an exit from the Romanian project. Romanian state-owned gas producer Romgaz is among the companies interested in taking over its stake.

(Photo source: the company)