Neptun Deep, a new step forward
OMV Petrom has signed the main contract worth 1.6 bln EUR for the development of Neptun Deep infrastructure
Mihai Pelin, 04.08.2023, 14:00
The final development plan for the exploitation of the commercial gas fields in the Neptun Deep area in the Black Sea has been confirmed by the National Agency for Mineral Resources, the two companies exploiting natural gas in the Neptun Deep area, OMV Petrom and Romgaz, have announced. The project thus enters the development phase, when contracts are handed out, foray activities are carried out and the necessary extraction infrastructure is built. OMV Petrom has already signed the main contract worth 1.6 bln EUR with the Italian company Saipem, a multinational oilfields services corporation and one of the largest companies of its kind in the world. Saipem will provide management, planning, procurement, manufacturing, assembly, maritime transport, installation, testing and operationalizing services for the natural gas measurement station as well as for the shore and land segments of the gas production pipeline, which will be built by other contractors. The contract was handed out based on a public tender. Neptun Deep is the largest natural gas development project in the Romanian Black Sea, and OMV Petrom and Romgaz will invest some 4 bln EUR in the development phase. Neptun Deep is expected to generate a production of some 100 bln cubic meters of natural gas, making Romania the largest producer of natural gas in the EU.
On the other hand, in June OMV Petrom announced the discovery of new oil and gas fields in the southeast and south of Romania. Investment in the foray and exploration works stand at approximately 20 mln EUR. Overall, discoveries stand at over 30 mln BOE (barrel of oil equivalent) in renewable resources, which is tantamount to three fourths of the production OMV reported in 2022. OMV Petrom is the largest energy company in South-Eastern Europe, with an annual oil and gas production of approximately 43 mln BOE in 2022. The Group is also represented in Romania and neighboring states, owning approximately 780 filling stations under two brands – OMV and Petrom. 42% of the companys stake is owned by Romanian shareholders – the Ministry of Energy some 20.7%, whereas 21.7% is owned by pension funds in Romania, in addition to some 500 thousand individual investors and other entities. In the case of Romgaz, the Romanian state owns 70% of the companys shares. OMV Petrom is also the largest contributor to the state budget, with 39 bln EUR worth of taxes and dividends paid over 2005-2022. During the same period, the company also invested some 17 bln EUR in Romania. In 2022, taxes paid by OMV Petrom accounted for 7% of Romanias fiscal revenues. (VP)
