OMV: the final decision for investment in the Neptun project to be taken in 2021

The final decision for investment in the Neptun project in the Black Sea is almost sure to be taken in 2021, as much depends on the existence of adequate offshore legislation in Romania, stated on Wednesday the general manager of the Austrian group OMV Rainer Seele, in a videoconference with the analysts, informs APA agency.

Moreover, the American group ExxonMobil announced their decision to sell their shares of 50% which they own in Neptun project and Rainer Seele says that they should wait to see the result of this trading.

‘If everything happens on time, then we could take this final decision for investment next year’ Seele said.

ExxonMobil and OMV Petrom exploit the  deep-sea deposit Neptun in the Black Sea estimated at 42-84 billion cubic metres of gas. The two companies have equal shares in the project and the final decision for investment for the extraction of the resources has not been taken yet.

OMV the biggest listed industrial company from Austria owns 51,01% of the OMV Petrom shares, the Romanian state through the ministry of economy, energy and business environment owns 20.64%, Fondul Proprietatea – 18.99% and 9.36% is freely traded on the BVB.

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