OMV Petrom (BVB: SNP), which owns 50% and is the operator of the Neptun Deep offshore natural gas concession, the largest in the Romanian Black Sea, has begun submitting the necessary documents for the approval of a new exploration drilling on the perimeter, named Cormoran West, according to Profit.ro.

Cormoran West is planned for 2027, the year when natural gas production from Neptun Deep is also expected to start from the Pelican South and Domino fields. For now, OMV Petrom has submitted requests for environmental consent and water management approval for the new exploration drilling. 

The site is about 100 kilometres away from another exploration well, Anaconda. 

"Execution of drilling well 1 Cormoran West, Perimeter XIX - Neptun 1 (h < 100 m) western area, Black Sea. The project proposes the execution of an exploration well and testing if necessary. Drilling of well 1 Cormoran West is scheduled for 2027, possibly after the completion of the Anaconda-1 well," according to the document consulted by Profit.ro.

Update on Anaconda exploration well.

Last month, OMV Petrom obtained environmental approval for drilling the Anaconda well in Neptun Deep and is preparing to begin work. The volume of the potential new Anaconda field, for which environmental consent for exploration has been received, is preliminarily estimated at 30 billion cubic meters of natural gas.

The government has extended the exploration period of the Neptun Deep oil agreement for the new Anaconda prospect by 2 years, until December 2027. The exploration cost will also be updated, increasing from EUR 20 million to EUR 50 million.

Confirmation of 2027 production at Pelican South and Domino in Neptun Deep.

According to the same document, "the implementation work of the Neptun Deep project will be completed in December 2026, after which the testing phase and preparation for the launch of production will begin." 

The Neptun Deep development will feature 10 wells on the Pelican South and Domino fields, 3 subsea systems, flow lines, an offshore platform, a gas pipeline to Tuzla, and a measurement station.

OMV Petrom's partner in the concession is the state-owned company Romgaz (BVB: SNG), which holds the remaining 50% of the rights.

iulian@romania-insider.com

(Photo source: Facebook/OMV Petrom)