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OMV Petrom needs 9-12 months for final decision on Black Sea gas project says CEO


Romanian oil and gas group OMV Petrom, majority-controlled by Austria’s OMV needs 9 to 12 months to make a final investment decision on a long-awaited offshore Black Sea project, but it is moving at full speed, Chief Executive Christina Verchere said on Thursday, according to Reuters. 

Romanian Energy Minister Virgil Popescu stated on Wednesday that he expects a final investment decision on the project by year-end.

OMV Petrom will develop its Neptun Deep Black Sea deepwater project, where it discovered 1.5-3 trillion cubic feet of gas, with state-owned producer Romgaz.

Romgaz’s Chief Executive Razvan Popescu said on Thursday the company was looking at eurobonds and reserve-backed loans to finance its part of the project.