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OMV interested in the project ‘Neptun’ in the Black Sea

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OMV will discuss with the American partner Exxon about the project ‘Neptun’ of the Black Sea so that in 2018 the final decision for investment be taken and this is included in the calendar, stated on Wednesday the general manager of OMV Rainer Seele at a meeting with the  journalists, APA says.

According to Rainer Seele, the ‘Neptun’ project is very important for OMV Petrom as it will improve the stocks and will increase the natural gas production. The difficulty of this project is connected to the sae of the high volume of gas, which are so high’ that they cannot be consumed not even on the Romanian market’.That is why the OMV manager considers that it is necessary that the Romanian government offers an export licence. ‘ Without export, the development of the gas storage is not possible’ the OMV manager says.

OMV Petrom and the Americans in Exxon Mobil finalised the second drilling campaign in the area Neptun of the Black Sea, where the two companies invested 1.5 billion euro starting with 2008 to the present.The first estimates show that in the Neptun area there could be between 42 and 84 billion cubic metres of gas. By comparison, the annual gas production ofRomania is almost 11 billion cubic metres.

At general level, Rainer Seele showed that the future strategy of the Austrian group OMV will not rely on the business in Europe but on higher globalisation. The new strategy will be presented to the shareholders in March 2018 on the occasion of Capital Markets Day.

OMV Petrom is the biggest integrated oil group of South-Eastern Europe  with an annual  oil and gas production of approximately 64 million bep in 2016. The group has a capacity of refining of 4.5 milion tons annually and operates a high power electricity unit of 860 MW. On the market of distribution of oil products, OMV Petrom is present on the markets in Romania and the neighbouring countries through 787 filling stations, at the end of September 2017 under two brands OMV and Petrom.

 

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