Romanian authorities urge OMV Petrom to submit overdue documents on Neptun Deep project

Romania's agency for mineral resources (ANRM) requested OMV Petrom (BVB: SNP), the operator of the Neptun Deep offshore project, to submit the complete documentation for the Declaration of Commerciality (DoC) regarding the deposits covered by the project, Cursdeguvernare.ro announced on January 4, quoting sources within the Government familiar with the developments.

OMV Petrom should submit the documents within six weeks, or the concession contract can be terminated, according to the same source.

The DoC submitted on December 13, a couple of weeks before the December 31 deadline, does not include the evaluation study of geological resources and reserves for Domino and Pelican Sud (the two deposits covered by the project), the sources reportedly explained.

Reportedly, the evaluation study should detail the reserves' size and the planned production calendar – a detail OMV Petrom keeps postponing while expecting better regulatory terms from the authorities.

The Declaration of Commerciality (DoC) is the crucial stage for starting investments, and failure to submit it may result in the withdrawal of the operating license for the perimeter.

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