OMV Petrom officials say the Neptun Deep development is progressing according to schedule, with first natural gas expected in 2027, but the next deepwater exploration activity involves the Anaconda-1 well, which will be drilled after the completion of the Neptun Deep development wells, after OMV Petrom, as operator, together with partner Romgaz, contracted the Transocean Barents platform to begin drilling, immediately after the completion of the Neptun Deep development wells.
“OMV Petrom has been and remains a long-standing partner for Romania in the development of the country’s natural resources. Historically, the Romanian oil industry has played an important role in the economy. Together with the Romanian state, we are now opening the next chapter for the energy sector, ensuring continuity and increasing Romania’s regional presence. In this new phase, we aim to continue exploring and developing large-scale opportunities for deepwater natural gas resources, while focusing on continuing the exploration and development of mature fields in Romania,” said Christina Verchere, CEO of OMV Petrom.
This is supported by the significant progress of the company’s oil and gas activities, in several areas.
- Development of Neptun Deep. OMV Petrom, together with Romgaz, continues the development of Neptun Deep, with estimated investments of up to EUR 4 billion. The project is progressing on schedule to produce first natural gas in 2027. Key activities are underway to unlock recoverable resources estimated at ~100 billion cubic meters. Drilling is underway in the Pelican Sud field to complete the four production wells, with the platform set to move to the Domino field by the end of the year to drill the remaining six deepwater wells.
- Deepwater exploration in Romania. Regarding future offshore exploration, OMV Petrom, as operator, together with partner Romgaz, have contracted the Transocean Barents platform to start drilling, immediately after the completion of the development wells in Neptun Deep.
“The Anaconda-1 well will be drilled in waters with a depth of approximately 1,500 meters, 200 km from Constanta, to explore a new prospect in the XIX Neptune Perimeter. The total depth of the well is estimated to reach almost 3,800 meters. The total planned cost of the well is up to EUR 90 million. This is supported by the extension of the exploration license for this perimeter,” said Cristian Hubati, member of the Directorate responsible for Exploration and Production.
- Continuing onshore exploration activities. In order to ensure Romania’s energy needs, it is also essential to continue onshore exploration, in order to unlock potential additional resources. These exploration activities include investments for seismic studies and drilling activities, following the recent extension of the onshore exploration license in 7 perimeters.
- Agreed principles for the extension of oil production agreements by 15 years. OMV Petrom has started, together with the National Regulatory Authority for Mining, Petroleum and Geological Storage of Carbon Dioxide, the process of extending the oil production agreements by 15 years, until 2043.
In this context, OMV Petrom and the Romanian state have agreed on a set of legal and contractual objectives, including the resolution of key issues under discussion, important for future exploration and production investments in Romania. This set of objectives includes changes to specific royalties and taxation, with the strengthening of fiscal stability in the future, as well as reaching an agreement on historical environmental liabilities and abandonment.
Specifically, onshore royalties are expected to increase by 40%, with the modification of the additional taxation for natural gas to encourage investments.
In the future, historical environmental and abandonment obligations according to Annex P of the privatization contract estimated at approximately EUR 600 million (long-term amount not discounted to present value) are expected to be borne by OMV Petrom at its own costs.
The net impact of the agreed targets will be communicated after their completion, both from a legislative and contractual perspective, estimated for the first quarter of 2026.
OMV Petrom is the largest investor in the Romanian energy sector, with approximately EUR 20 billion invested in the last 20 years, and the largest contributor to the state budget, with approximately EUR 44 billion in taxes and dividends paid between 2005 and 2024. The company supplies approximately one third of Romania’s demand for natural gas and fuels and up to 10% of locally generated electricity.
