Latest news with #NeptunDeep
Yahoo
08-05-2025
- Business
- Yahoo
OMV Petrom secures gas supply deal with Moldova
Romania's OMV Petrom has signed a pivotal gas supply agreement with Moldova, ensuring a quarter of the latter's annual gas requirements, reported Reuters, citing a top Moldovan energy official. This move is set to bolster Moldova's energy security amidst efforts to reduce reliance on Russian gas. Deliveries from the significant Black Sea Neptun Deep project are expected to commence in 2027. OMV Petrom and state-owned Romgaz are the joint stakeholders in the project. The deal is a significant step for Moldova, particularly in light of its historical dependence on Russian gas and the geopolitical shifts following the conflict in Ukraine. Romania's Energy Ministry has confirmed the three-year contract, which taps into the Neptun Deep gas field, estimated to hold around 100 billion cubic metres (bcm) of recoverable gas. Moldovagaz CEO Vadim Ceban was quoted by the new agency as saying: 'In a situation where Moldova's relations with Russia's Gazprom have broken down, obtaining gas directly from Neptun Deep increases the reliability of Moldova's natural gas supply.' He also noted that the agreement would satisfy 25% of Moldova's total gas demand, currently at around 3.2bcm annually. The energy crisis in Moldova's Transdniestria region has escalated since Gazprom halted gas supplies following the Ukraine invasion. The OMV Petrom deal is thus seen as a crucial step in mitigating these supply issues. Romania's Energy Ministry highlighted that the contract with Moldova's Energocom represents less than 1% of Neptun Deep's estimated reserves. Neptun Deep stands as Romania's largest energy venture in nearly two decades and is expected to double the country's gas output, potentially making it a net exporter. In addition to supplying Moldova, OMV Petrom has also secured a five-year contract to provide Germany's Uniper with 15 terawatt-hours of gas from Neptun Deep. Both OMV Petrom and Romgaz are set to market the gas independently, although Romanian legislation grants the government pre-emptive rights to the project's gas under certain conditions. The recent commencement of drilling at Neptun Deep marks a milestone for Romania, with the Pelican South and Domino fields of the Neptun block in the Black Sea poised to significantly enhance the nation's gas production. The Neptun Deep project is not only Romania's first deep-water offshore endeavour but also the largest natural gas project in the Romanian Black Sea. It is projected to contribute approximately 8bcm annually to the country's gas production once it reaches full capacity. "OMV Petrom secures gas supply deal with Moldova" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
26-03-2025
- Business
- Yahoo
OMV Petrom, ROMGAZ start drilling at Neptun Deep project
OMV Petrom and ROMGAZ have commenced drilling the first well in the Neptun Deep project, which is claimed to be the largest natural gas project in the Romanian Black Sea and the first deep-water offshore project in Romania. Located 160km offshore in the Black Sea, the Pelican South and Domino fields of the Neptun Deep block are expected to significantly boost Romania's gas production, with first gas due by 2027. The Neptun Deep project aims to contribute approximately eight billion cubic metres (bcm) annually to Romania's gas production once plateau production is achieved. The project is progressing as planned, with the drilling of the first well estimated to take two to three months. The CAN-ductor from Neodrill was used to install the well foundations, minimising the environmental footprint. The drilling operations will utilise the Transocean Barents mobile drilling unit, specifically contracted for this project. OMV Petrom CEO Christina Verchere said: "The start of drilling is an important milestone for the progress of Neptun Deep – a project of strategic importance for Romania. By developing this project, Romania can secure its natural gas needs from domestic sources and become an important player in the European market. 'In addition, the project contributes to the Romanian economy – it is estimated to bring revenues of around €20bn to the state budget over the project's lifetime. We are making every effort to implement the Neptun Deep project safely and efficiently, to have the first gas deliveries in 2027." Halliburton Energy Services Romania and Newpark Drilling Fluids Eastern Europe will provide integrated drilling services including cementing, directional drilling and well completions. The development of the Pelican South and Domino fields will require three subsea production systems, a shallow-water offshore natural gas platform and a main natural gas pipeline to the shore at Tuzla, among other infrastructure. The offshore platform will generate its own electricity, adhering to high safety and environmental standards. The wells and fields will be operated remotely using a digital twin, and the natural energy of the reservoir will transport the gas to shore, eliminating the need for compression. This approach, along with other project features, ensures that emissions are kept significantly below industry benchmarks. ROMGAZ CEO Răzvan Popescu said: 'The commencement of drilling operations represents an essential achievement in Neptun Deep project development. Neptun Deep is a strategic investment for ROMGAZ, as shown by its contribution in the share of the group's investments. 'The completion of the project and its first gas delivery in 2027 will strengthen the profile of the ROMGAZ group on the energy market in Romania and in the region, on both segments, natural gas and electricity production and supply. It will also support the long-term business activities of the ROMGAZ group, will strengthen its investment capacities and will provide sustainability to them, included in the energy transition strategy." In addition to drilling, construction is ongoing for various components of the Neptun Deep project, including the production platform, subsea infrastructure systems, a support field vessel and a natural gas metering station. OMV Petrom and ROMGAZ are jointly investing up to €4bn in the project's development. OMV Petrom has also begun constructing a sustainable aviation fuel and renewable diesel (HVO) production unit at its Petrobrazi refinery in Romania. "OMV Petrom, ROMGAZ start drilling at Neptun Deep project" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Reuters
25-03-2025
- Business
- Reuters
Drilling starts on Romanian Black Sea offshore gas project that challenges Russia
Summary Companies Offshore project to double Romanian gas production from 2027 Romanian gas consumption seen up 25% per year to 2030 But analyst still expects small exportable surplus BUCHAREST, March 25 (Reuters) - Drilling at Romania's Neptun Deep offshore gas project began in the Black Sea on Sunday, its owners said on Tuesday, putting one of the EU's largest gas deposits on track for production in 2027 that could help ease the shift from Russian gas. Jointly owned by oil and gas group OMV Petrom ( opens new tab and Romania's state-owned Romgaz ( opens new tab, Neptun Deep holds an estimated 100 billion cubic meters of recoverable gas. OMV Petrom is majority-controlled by Austria's OMV ( opens new tab. Neptun Deep will double Romania's gas production and likely turn it into a net exporter, the energy ministry has said, at a time when the European Union is weaning itself off Russian gas. While the project could help diversify gas supply in central and eastern Europe, it is unclear how much of the new gas will be available for export as Romania's domestic consumption is set to increase while its onshore reserves fall. Romania produces a little over 9 billion cubic metres per year currently and its consumption is just under 10 billion. But consumption will rise as 3.5 gigawatts-worth of gas-fired power plants are expected to come online by 2030 and phase out coal. The energy ministry estimates annual gas consumption will rise by 25% on average during 2025-2030 from 2023 levels, Sorin Elisei, a general director at the ministry in charge of energy strategy, told Reuters. "On the other hand, we estimate a rise of at least 75% of domestic production from 2027, meaning there will be quantities available for exports, meeting a strategic objective of Romania becoming a provider of energy security in the region," he said. Eugenia Gusilov, an energy analyst at Romania Energy Center, said the local market could not absorb all the expected new gas, adding the potential export surplus could be "at least four billion cubic metres, if not five." "These are not big volumes, but any billion cubic metre of gas matters to efforts to diversify supply in this part of Europe."
Yahoo
05-03-2025
- Business
- Yahoo
Expro Boosts Romanian Growth With $10M+ Contracts for Black Sea Project
HOUSTON, March 05, 2025--(BUSINESS WIRE)--Expro (NYSE: XPRO), a leading provider of energy services has been awarded major contracts from OMV Petrom, totalling more than $10 million USD for the Neptun Deep gas project in the Black Sea. The contracts involve Expro's subsea landing string (SSLS), SeaCure® cementing technology, tubular running services (TRS) and Coretrax Advance drilling tools to support the project in offshore Romania. Neptun Deep is the largest natural gas project in the Romanian Black Sea and is essential for Romania's energy supply. The two contracts mark the latest stage in Expro's growth in Romania. Recent investments by the company include opening a new office in Bucharest, setting up a new operational base, and a program to grow its Romanian-based staff. Andrei Ion, Expro Senior Area Manager in Europe Mediterranean and Caspian, said: "With the awarding of these contracts, Expro is progressing our plans to expand our operations and strengthen our support of the energy industry in eastern Europe and beyond. "Neptun Deep is an important energy project for Romania. We are proud of being selected to support this important development." Expro Working for clients across the entire well life cycle, Expro is a leading provider of energy services, offering cost-effective, innovative solutions and what the Company considers to be best-in-class safety and service quality. The Company's extensive portfolio of capabilities spans well construction, well flow management, subsea well access, and well intervention and integrity solutions. With roots dating to 1938, Expro has more than 8,000 employees and provides services and solutions to leading exploration and production companies in both onshore and offshore environments in approximately 60 countries. For more information, please visit and connect with Expro on X (formerly Twitter) @ExproGroup and LinkedIn @Expro. About OMV Petrom: OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high-efficiency gas-fired power plant. The Group is present on the oil products retail market in Romania and neighboring countries through approximately 780 filling stations under two brands – OMV and Petrom. More details about Neptun Deep project can be found here: About ROMGAZ: ROMGAZ is the largest natural gas producer and the main supplier in Romania. The company has a vast experience in gas exploration and production. In 2013, took over Iernut thermoelectric power plant, becoming electricity producer and supplier. ROMGAZ became in 2022 the sole shareholder of ROMGAZ BLACK SEA LIMITED (formerly ExxonMobil Exploration and Production Romania Limited) which holds 50% of the acquired rights and obligations under the Petroleum Agreement for the Deep Water Zone of XIX Neptun offshore block ("Neptun Deep"). SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This press release, and oral statements made from time to time by representatives of Expro Group Holdings N.V. ("the Company"), may contain certain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding, among other things, the Company's future business strategy and prospects for growth, and are indicated by words or phrases such as "anticipate," "outlook," "estimate," "expect," "project," "believe," "envision," "goal," "target," "can," "will," and similar words or phrases. These forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements to be materially different from the future results, performance or achievements expressed in or implied by such forward-looking statements. Forward-looking statements are based largely on the Company's expectations and judgments and are subject to certain risks and uncertainties, many of which are unforeseeable and beyond our control. The factors that could cause actual results, performance or achievements to materially differ include, among others the risk factors identified in the Company's Annual Report on Form 10-K, Form 10-Q and Form 8-K reports filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, historical practice, or otherwise. The Company is not able to provide a reconciliation of Coretrax's forward-looking Adjusted EBITDA to the most directly comparable measure in accordance with U.S. generally accepted accounting principles without unreasonable effort because of the inherent difficulty in forecasting and quantifying certain amounts necessary for such a reconciliation, including net income (loss). View source version on Contacts Media Contact InvestorRelations@ MediaRelations@
Yahoo
09-02-2025
- Business
- Yahoo
OMV Petrom reports 57% decline in quarterly profit
Romanian oil and gas company OMV Petrom has reported a 57% decline in its fourth-quarter adjusted operating profit, attributed to regulatory impacts on gas and power, and weaker commodity prices. The company, majority-owned by Austria's OMV, faced lower oil prices, reduced sales volumes, and declining refining and sales margins. OMV Petrom plans to invest approximately 8bn lei this year, primarily in the Neptun Deep Black Sea offshore gas project and renewable power initiatives. This follows a 52% increase in investment to 7.2bn lei in 2024, contingent on a stable and competitive fiscal and regulatory framework. The company's adjusted operating profit fell to 955m lei from 2.24bn lei in the same period the previous year. The clean operating result, based on the current cost of supply, excludes one-off items and short-term gains and losses from energy inventory holdings. A turnover tax introduced in 2024 is expected to cost the company around 250m lei in 2025, up from 216m lei last year. Additionally, a new 1% tax on special buildings, introduced in late December, is anticipated to have a financial impact valued at millions of euros. Despite these challenges, OMV Petrom plans to start drilling this year for Neptun Deep in the Black Sea, one of the most significant natural gas deposits in the EU. The company aims to achieve 2.5GW of renewable power by 2030. "OMV Petrom reports 57% decline in quarterly profit" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site.
