Greenpeace and Fridays for Future file complaint with OECD against OMV for Romanian Neptun Deep project

Greenpeace CEE and Fridays for Future Austria have filed a complaint with the OECD (Organization for Economic Co-operation and Development) against the Austrian oil and gas company OMV saying that the company's expansion in fossil gas activities infringe on OECD guidelines.

The complaint was filed just days before the Annual General Meeting of OMV. The company's projects fuel the climate crisis and threaten to exceed the critical 1.5-degree limit, Greenpeace says in a press release.

OMV has committed to aligning its activities with the OECD Guidelines for Multinational Enterprises. By continuing to invest in new fossil projects, OMV is ignoring calls to stop expanding operations in the oil and gas sector and contradicting the OECD's guiding principle, "act as soon as possible and proactively to avoid adverse environmental impacts," the environmental organizations state in their complaint.

"While extreme weather events devastate countries around the world, OMV is pumping billions of dollars into expanding fossil gas extraction operations that harm the climate. Warnings from scientists and the industry to stop expanding the fossil fuel business are being ignored. In the complaint, we show why the expansion of fossil gas projects is not compatible with the OECD Guidelines for responsible business conduct. OMV must end new fossil fuel projects now," said Jasmin Duregger, climate and energy expert at Greenpeace Austria.

In the complaint, Greenpeace CEE and Fridays for Future Austria call for stopping the expansion of fossil fuels and the development of the Neptun Deep project. The offshore fossil gas extraction project is carried out by OMV Petrom and Romgaz off the coast of Romania. The companies estimate that exploitation will begin in 2027.

“Where are OMV's billions of investments going? Into fossil fuels. OMV claims to commit to the OECD guidelines for responsible business practices, but this is simply greenwashing. That's why we are filing a complaint now," said Jasmin Lang, Fridays for Future Austria.

According to calculations from the environmental impact assessment (EIA), the project will produce 276 million tons of greenhouse gases over 20 years, equivalent to Romania's emissions in three years, Greenpeace and Fridays for Future point out.

On the other side, OMV notes that Neptun Deep is the largest natural gas project in the Romanian area of the Black Sea. During its exploitation, the company says that Neptun Deep is expected to provide a total volume of approximately 100 billion cubic meters of natural gas and transform Romania into the largest gas producer in the European Union.