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OMV Petrom: Upstream projects in Black Sea could require investments of 16 billion euros


The development of upstream projects in the Black Sea could require total investments of EUR 16 billion, said on Monday Ionut Ciobotaru, vice-president of Business Development at OMV Petrom.

Ciobotaru participated in the Romanian International Gas Conference, organized by the Romanian Oil and Gas Federation of Romania and the Energy Policy Group.

"At the moment, we are the second largest producer of gas in the EU and we hope to reach the first place, because we have the gas from the Black Sea and we have a history of gas," Ciobotaru said.

The improvement of gas interconnections with other countries is also essential.

"The Neptun Deep project represents a huge opportunity for Romania, not only for energy security. Such a project (...) will create many jobs and will bring a lot of gas and taxes to the state, and we as a country can use these resources not only to become the largest gas supplier in the EU, but also to finance the energy transition in the coming period," said OMV Petrom official.

In his opinion, Romania has the potential to become the first gas producer in Europe.

Regarding Neptune Deep, he said: "If the final investment decision is 2023, we estimate that production will start in 2027. If everything is prepared faster, we can move faster. The project will generate other horizontal investments and other jobs."

Last week, company officials said the reserves in Neptune Deep amounted to 100 billion cubic meters of gas.