However, OMV Petrom stated that it would not adopt the final IPR until mid-2023, when it awaited clarification from the Romanian government regarding the offshore gas law.
OMV Petrom and Romgaz have applied to the Romanian Mineral Resources Agency for the Neptun project on the Black Sea Shelf. This was announced on December 13, 2022 by OMV Petrom. It was announced by OMV Petrom.
The companies have submitted a statement of commercial feasibility to the regulator, which formally moves the project from exploration status to the next stage. However, OMV Petrom, which is the project operator, stated that it will not make a final investment decision (IPR) until mid-2023, when it awaits clarification from the Romanian government regarding the Offshore Gas Law.
The company explained that the Commercial Discovery Declaration was an interim step in the IPR adoption and development process. If the EPR is adopted within the specified period, the first gas from the project is expected in 2027.
OMV Petrom estimates total investment in the development of the project at EUR 4 billion.