"The decline can no longer be compensated by onshore fields. Therefore the Black Sea is the answer for Romania’s energy security. New resources need to be brought on stream in the energy system." ($1 = 4.4515 lei) (Reporting by Luiza Ilie Writing by Jason Hovet Editing by David Goodman)
BUCHAREST, Feb 2 (Reuters) - Romanian oil and gas group
OMV Petrom is "closer than ever" to starting
construction of its Neptun Deep gas project, its chief executive
said on Thursday of the Black Sea resources she says are key to
the country's energy security.
The company majority owned by Austria's OMV has
said it would make a final investment decision on the project by
mid-2023, with the first gas expected in 2027.
"With (the investment decision) just a few months away, we
are now closer than ever to the start of this project," Chief
Executive Christina Verchere said on an earnings call after the
company posted fourth-quarter earnbings little changed from the
same period last year.
OMV Petrom said capital expenditure this year is expected to
rise by 70% to about 6 billion lei ($1.35 billion), with
investment geared mainly towards Neptun Deep, low and
zero-carbon projects and a Petrobrazi refinery turnaround.
"Romania has been producing oil and gas from onshore fields
for more than 150 years," Verchere said.
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