Europe: OMV Petrom, the largest integrated energy company in South-Eastern Europe, has announced that the final investment decision has been made for the Neptun Deep project. OMV Petrom, the operator of the Neptun Deep offshore block, has announced that it will co-develop two natural gas fields, Domino and Pelican South, with Romgaz - Romania's leading natural gas supplier. The project has received approval from both companies and is set to move forward under OMV Petrom's leadership. However, the plan is still subject to endorsement by the Romanian National Agency for Mineral Resources. OMV Petrom is majority owned by OMV Group with a 51% stake.

OMV Petrom and Romgaz have announced a collaborative investment plan of up to EUR 4 billion for the development phase of a project aimed at producing approximately 100 billion cubic meters of Natural gas. The project is expected to commence production in 2027, with daily production at the plateau estimated at around 140 kboe for almost a decade.

Alfred Stern, the CEO and Chairman of OMV, expressed his delight in the final investment decision of Neptun Deep. This milestone marks the fruition of OMV Petrom's longstanding collective efforts at various levels. As part of the company's Strategy 2030, Neptun Deep plays a significant role as a strategic pillar of their group portfolio to supply sustainable energy in the future. The anticipation is that Neptun Deep will strengthen the group's standing in the Black Sea area and Southeastern Europe as Romania prepares to take over as the primary natural gas producer in the EU. This investment comes at a crucial time when OMV Petrom is actively developing low-carbon energy solutions to meet the growing energy demand in Romania.

The Domino and Pelican South offshore Natural gas fields are set to be developed with a robust infrastructure, comprising 10 wells, 3 subsea production systems and interconnected flow lines. The project also includes an offshore platform, a primary Natural gas pipeline leading to Tuzla, and a Natural gas measurement station. The offshore platform will operate with utmost safety and environmental protection, being self-sufficient in energy generation. To ensure seamless operations, the entire infrastructure will be remotely operated via a digital twin. OM Petrom, a leading energy company with integrated operations in Southeastern Europe, has achieved a remarkable annual Group Hydrocarbon production of about 43 million boe in 2022. This achievement can be attributed to their innovative approach, which enables process optimization, promotes energy efficiency, and ultimately reduces emissions, leading to improved environmental performance.

The company boasts a refining capacity of 4.5 million tons per year and runs a state-of-the-art 860 MW high-efficiency power plant. With two renowned brands - OMV and Petrom - the company's footprint is strong in Romania and neighboring countries, with about 780 filling stations on the oil products retail market.