OMV and Romgaz invest €4 billion to develop a gas field in the Black Sea
[ad_1]
Austrian oil and gas company OVM Group announced about reaching an agreement with the Romanian Romgaz on the joint development of fields in the Neptun Deep perimeter in the Black Sea. In 2024-2026, the parties intend to invest about €4 billion in the development of two fields. The actual gas production should begin here in 2027.
The perimeter of Neptun Deep is a sector of the Black Sea with an area of approximately 7.5 thousand square meters. km, located about 160 km from the coast of Romania. Initially, OMV Petrom (a subsidiary of OMV Group) and ExxonMobil participated in the project in equal shares. However, in 2022, the American company decided to withdraw from the project, considering the tax conditions unfavorable. Last May, Exxon’s 50% stake in the project was sold to Romgaz, Romania’s state oil and gas company, for $1 billion.
The parties expect that gas reserves in the Neptun Deep are about 100 billion cubic meters. The volume of production at the peak will have to reach 140 thousand barrels per day in oil equivalent.
[ad_2]
Source link
