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Development Plan for the Domino and Pelican South gas fields in the Neptun Deep block receives endorsement by the regulator

  • The National Agency for Mineral Resources has endorsed the Development Plan submitted by OMV Petrom and its partner, Romgaz
  • OMV Petrom and Romgaz will invest up to EUR 4 bn in the project 
  • First gas production estimated for 2027 

OMV Petrom, the largest integrated energy company in Southeastern Europe, announces that the Development Plan for the Domino and Pelican South natural gas commercial fields in the Neptun Deep Block was endorsed by the National Agency for Mineral Resources. With this stage finalized, the Neptun Deep project enters the development phase, which includes the execution of drilling activities and construction of the infrastructure necessary for the extraction of natural gas. 

Christina Verchere, CEO OMV Petrom: „With the confirmation of the Development Plan, Neptun Deep project moves into the technical implementation phase. We have a dedicated team with decades of experience in developing such large-scale complex projects. Neptun Deep, the largest natural gas project in the Romanian Black Sea, will contribute to Romania’s energy security and economic welfare. We thank all the partners involved in the project, including the Romanian authorities, and look forward to continued collaboration in the future”.

OMV Petrom and Romgaz will invest up to EUR 4 bn for the project’s development phase, which will enable ~100 bcm of natural gas to be brought on stream. First production is estimated for 2027.

The infrastructure required for the development of the Domino and Pelican South offshore natural gas commercial fields includes 10 wells, 3 subsea production systems and associated flow lines, an offshore platform, the main natural gas pipeline to Tuzla and a natural gas metering station. The platform generates its own energy, operating at the highest standards of safety and environmental protection. The offshore platform, wells and fields will be operated remotely, through a digital twin. This allows for process optimization and will contribute to the improvement of environmental performance, by making energy consumption more efficient and minimizing emissions.

About OMV Petrom  

OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of approximately 43 million boe in 2022. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency power plant. The Group is present on the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom. 

OMV Petrom is a company in which Romanian shareholders hold over 42% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 21.7% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 6.4% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange and the London Stock Exchange. 

OMV Petrom is the largest contributor to the state budget, with approximately 39 billion euro in taxes and dividends paid between 2005 and 2022. During the same period, the company invested approximately 17 billion euro. In 2022, the taxes paid by OMV Petrom ensured 7% of Romania's tax revenues. 

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2022, the company has allocated around 120 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development. 

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.