Verchere: The first cubic meter of gas in Neptune Deep could be extracted only from 2024-2025


The first gas molecule could be extracted from the Neptune Deep perimeter of the Black Sea only in 2025, if the offshore law is changed now, claims OMV Petrom CEO Christina Verchere.

“Adopting a final investment decision implies an agreement between the project holders (OMV Petrom and Exxon or the company/ companies that will buy the participation of Americans in Neptun Deep) After we will see the offshore law (its content, the proposed changes), and on this one adopted (by the Parliament), it will probably take between 9 and 12 months (until a final investment decision is taken). … Regarding the first cubic meter of gas in the case of a project of this size and complexity, we estimate that it will be extracted in about four years from making the final investment decision,” said Verchere, answering a question asked by an analyst of Erste Bank at the conference with analysts, according to Verchere refused to confirm or deny if OMV Petrom is interested in acquiring part of ExxonMobil’s stake in Neptun Deep, specifying that, at present, the cornerstone of the project is the modification of the offshore law.


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