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OMV Petrom signs partnership with Naftogas to search for gas in Ukraine

OMV Petrom and Naftogas signed a memorandum to identify joint products for the exploitation and production of natural gas in Ukraine, according to the Naftogas press release posted on the Ukrainian website. 


Last year, Naftogas worked to identify new opportunities to explore and develop new gas areas in Ukraine. Once winning the license in the Yuzivska area in the Blask Sea, which has a big potential and at the same time with the potential in western Ukraine, Naftogas accelerates its investment plans,”said Otto Waterlander, the operational manager of the company.


Naftogas intends to attract international partners in these plans, so that Ukraine could become natural gas consumption independent by 2030 .“We consider OMV Petrom is a valuable, renowned partner, which brings an additional investment capacity, expertise and relevant experience in the area. The company  discovered the promising Neptune bloc in the Black Sea, has experience and know-how for offshore drilling and was successful in exploiting onshore resources in the Carpathian area in Romania, which has the same geological history with Carpathians in Ukraine. We see a big collaboration potential in these areas and we expect to establish the next concrete collaboration steps in the near future,”the Naftogas official said.


The two companies will start analyzing cooperation opportunities in offshore blocks in Black Sea Ukrainian waters.


According to a government resolution, Naftogas has already applied for 36 special accords for the exploitation of those areas.


Our strategy is to expand activities in the Black Sea area. Ukraine is a natural step to address opportunities in the area, when this country has a bog gas producing potential. We are thrilled to look for collaboration ways with Naftogas and to concentrate on efficient cooperation, with benefits on both sides, so that these opportunities could go further,” said Christopher Veit, a member of OMV Petrom Directorate in charge with the upstream activity.


Last year, Naftogas presented its new development strategy, which is meant to double company reserves. Strategic projects include exploring and developing Black Se areas, tight gas deposits, Yuzivska area and the west of the country.


Contacted after this announcement, OMV Petrom representatives declared: “Our strategy is to extend upstream activities in the Black  Sea area about which we think it has an encouraging potential of hydrocarbons. Last year, we extended in the offshore area of Bulgaria and we will extend in Georgia, therefore Ukraine is a natural steo in evaluating opportunities in the area.”.


OMV Petrom is exploring, together with the Americans from ExxonMobile, the deep Neptune Deep block in the Black Sea, estimated at 42-84 billion cu.m of gas. The final investment decision is expected at the beginning of next year. In comparison, Romania produces now about 10-11 billion cu,m of gas annually.