OMV Petrom, Exxon seek to extend concession contract for Black Sea offshore perimeter

The concession agreement that OMV Petrom and ExxonMobil signed with Romania’s mineral resources agency - ANRM for the Neptun Deep Black Sea offshore gas perimeter, initially signed in 2000 and valid until 2030, could be prolonged by 15 years by 2045, under an addendum to the agreement, according to a Government document quoted by Profit.ro. According to prior information, the sides were discussing about extending the deadline of the exploration stage within the same duration of the concession agreement (namely, by 2030). In related news, the Government plans to cap the natural gas price at RON 68 (EUR 14.6) per MWh for the natural gas sold to Romanian residential or industrial users. The move, if eventually enforced, will discourage investments and will increase the share of imported natural gas to 50% by 2030 from 10% currently, OMV Petrom commented. "We are deeply worried about the measures that are imposed without impact studies and without any prior consultation. Such measures have a negative effect on Romania's attractiveness to investors, discourage investment projects and negatively affect the economy and the workforce," said company’s representatives quoted by Ziarul Financiar. editor@romania-insider.com (photo source: OMV Petrom)