Verchere: After the amendment of the Offshore Law, it takes 12 months for the investment decision in the Black Sea

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OMV Petrom needs a 12-month period to make the decision to invest in the Black Sea gas project, from the moment when the Offshore Law will be amended, and the first gas will be extracted in four years, said Christina Verchere, General Manager of OMV Petrom.

She was asked what are the next steps for the development of the Black Sea deposits, if the Offshore Law is passed.

“In the case of projects of this magnitude, there are mandatory requirements that must exist: first, the legislative structure, fiscal stability and the appropriate infrastructure. These are fundamental elements that must exist and it is important to have stability. Normally, in such a project, it takes 12 months to be able to make a decision and, from that moment, four years until we extract the first gas resources,” said Verchere, according to Agerpres.

Journalists insisted on whether OMV Petrom would abandon the project if the offshore law was not amended this year, but Verchere declined to offer a concrete answer.

“I think it is important that we insist and continue to say that time is not on Romania’s side, given what is happening with the Green Deal and the economic need for this resource. Time is not on Romania’s side. If we think about OMV Petrom’s position, it is in fact a Romanian resource, and 2021 is a year of great expectations. This is my answer to your question,” she pointed out.

The OMV Petrom official also declined to comment on ExxonMobil’s position on the project, saying that all discussions between the partners were always confidential.

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