Share this article
OMV Petrom, Romania-headquartered affiliate of Austria’s OMV, has provided insight into its drilling plans in the Romanian sector of the Black Sea, where several wells remain on the list to be drilled using a semi-submersible rig owned by Transocean.
With estimated investments of up to €4 billion, OMV Petrom, together with Romgaz, is progressing the development of the Neptun Deep project, which is on track for first gas in 2027. As activities are underway to unlock the estimated recoverable resources of around 100 billion cubic meters (bcm) of natural gas.
The company explains that drilling is ongoing at the Pelican South field to complete the four producing wells, with the rig expected to move by year’s end to the Domino field to drill the remaining six wells in deep water.
The two partners are also interested in pursuing further offshore exploration. To this end, the duo has secured the Transocean Barents rig to start drilling Anaconda-1 immediately after the completion of Neptun Deep development drilling.
This content is available after accepting the cookies.
Cristian Hubati , Executive Board member responsible for Exploration and Production, commented: “Anaconda-1 will be drilled in approximately 1,500 meters water depth, 200 km away from Constanta, exploring a new prospect in the XIX Neptun Block.
“Total depth of the well is expected to reach almost 3,800 meters. The total planned well cost is up to EUR 90 mn. This is supported by the extension of the exploration license for this block.”
OMV Petrom and the Romanian state have agreed on a set of legal and contractual objectives, including the resolution of key outstanding issues, important for future exploration and production investments in Romania.
This set of objectives entails changes in royalties and specific taxation, while strengthening fiscal stability going forward, as well as settling historical environmental and abandonment receivables. The onshore royalties are envisaged to increase by 40%, with changes to supplementary gas taxation to encourage investments.
Christina Verchere , CEO of OMV Petrom, highlighted: “OMV Petrom has been and remains an enduring partner for Romania in developing the country’s natural resources. The historical legacy of the oil and gas industry has long served the economy.
“Together with the Romanian state, we are now entering the next chapter for the energy sector, ensuring continuity and growing Romania’s regional presence. In this next chapter, we will look to continue to explore and develop large scale natural gas deepwater opportunities, while focusing on the continued exploration and development of the mature fields in Romania.”
OMV Petrom, alongside its partner, NewMed Energy, booked Noble Corporation’s rig a few months ago for drilling activities at Han Asparuh in the Bulgarian sector of the Black Sea. This exploration block is situated south of the Neptun Deep block in Romania.