Romanian integrated oil company OMV Petrom won an oil exploration license on the Black Sea shelf by the tender on March 10, 2021. The existing agreement obtains the rights to carry out oil and gas exploration activities on a total area of 5,282 square kilometres.
OMV Petrom has published a long-term development strategy, stating that the company will invest EUR 30 million annually in oil and gas exploration in Georgia and Bulgaria until 2030.
In the case of Georgia, the 3D seismic search process should start in 2022, which will be followed by the analysis of the results. In case of discovery of the field, the company will build test wells.
“OMV Petrom’s Exploration and Production regional expansion until 2030 focuses on the Black Sea area, which is estimated to hold significant resources. Neptun Deep development is the company’s most important strategic project. Subject to Final Investment Decision in 2022/2023, first gas is expected approximately four years later.
The company’s current estimate in terms of recoverable resources is around 50 bcm and CAPEX is expected to be less than EUR 2 billion. The plateau production is estimated at around 70 kboe/day net to OMV Petrom.
Projects in the Bulgarian offshore block Han Asparuh and in the Georgian Offshore Block II are also expected to progress, while continuing to explore the larger Black Sea region.
Overall, the regional growth projects’ contribution to total Clean CCS EBIT is estimated at around a third in 2030”, - the document reads.
