OMV Petrom needs clarifications related to stability regarding the provisions of the Offshore Law, in order to start gas extraction from the Black Sea, said Thursday, Christina Verchere, CEO of OMV Petrom, during the Romanian International Gas Conference.
“This project changes the rules of the game for our company and for the whole country, through the energy security it provides and because it transforms the country into a regional hub. The project is essential for the country, as offshore gas production is in decline and it is important to see new sources,” Verchere said.
According to her, OMV Petrom became the operator of this project on August 1, after the completion of the transaction through which Romgaz took over ExxonMobil’s stake.
“We have an experienced project team and we are moving forward as fast as we can. I am glad to hear that the world is interested in speed, because we have also been interested in speed for years,” added Verchere, according to Agerpres.
She referred to the statement of the Minister of Energy, Virgil Popescu, who said, on Wednesday, that OMV Petrom and Romgaz should take the decision to invest in Black Sea gas this year, given the current context.
“Where we are: we are in the bidding process and we are looking for clarifications related to offshore, on the stability side, which is one of the fundamental pillars for such a large investment. We have always said that it takes 9-12 months for a final investment decision, but I can assure you that we are focusing on speed,” said the representative of the oil company.
On Wednesday, the Minister of Energy, Virgil Popescu, was asked by journalists whether OMV Petrom and Romgaz should take the investment decision in the Neptun Deep project in the Black Sea more quickly, given the context.
“I told them all the time, I expect and want the statement and decision of Romgaz and Petrom to be made as soon as possible, also with statements at the end of this year. I want this because it is a special situation in the market. There is a need for natural gas in the market and Romania can play a role. I think the Offshore Law is clear enough. I think a decision will be made by the end of this year,” said the government official.
He added that this would mean that gas production in that perimeter would begin at the end of 2026-beginning of 2027, when Romania will be independent from the point of view of gas supply and will export the surplus to the region.
On July 28, Verchere had said that the final decision on the investment in the Neptun Deep project in the Black Sea could be made in mid-2023.
The Neptun Deep field could hold 100 billion cubic meters of gas.