Verchere: OMV Petrom, ready for Neptune Deep, barriers must be removed

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OMV Petrom announced that it is ready to accelerate a billion-dollar injection into a giant Black Sea energy project it owns with ExxonMobil, once the new government in Bucharest raises the barriers for these investments, Reuters reports.

A final decision on deep-sea Neptune deposits in the Black Sea, after a decade of exploration work, was obstructed last year by changes to the offshore gas law and new taxes in the energy industry imposed by the former government.

OMV Petrom CEO Christina Verchere told Reuters that “timely decisions” will be important in removing barriers to investment and reducing project’s risks. “We are ready to start a billion-euro investment in the Neptune deposit once all barriers are removed,” Christina Verchere said, according to Agerpres.

The new government is committed to amending energy legislation and helping to unlock the Black Sea gas projects, in order to make Romania fully energy independent and to become a key gas exporter in the region.

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