Latest news with #OMVPetrom
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
Reuters
07-05-2025
- Business
- Reuters
Romania's OMV Petrom signs deal covering quarter of Moldova's gas demand
May 7 (Reuters) - Moldova has secured a quarter of its annual gas supply needs in a deal with the Romanian oil and gas group OMV Petrom ( opens new tab, a top Moldovan energy official said on Wednesday, with first deliveries expected in 2027. The agreement is crucial for Moldova, which has been dependent on Russian gas for decades but has moved to diversify supply following Moscow's full-scale invasion of Ukraine. The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here. Romania's energy ministry announced the three-year supply deal from its pending Black Sea project Neptun Deep, one of the European Union's most significant gas deposits with an estimated 100 billion cubic meters of recoverable gas. Jointly owned by OMV Petrom and the Romanian state-owned gas producer Romgaz ( opens new tab, the project is on track to deliver its first gas in 2027. "In a situation where Moldova's relations with Russia's Gazprom ( opens new tab have broken down, obtaining gas directly from Neptun Deep increases the reliability of Moldova's natural gas supply," Vadim Ceban, CEO of Moldovan national gas company Moldovagaz, told Reuters. He added that the deal will account for 25% of Moldova's total demand for gas, which is estimated at 3.2 billion cubic metres a year. Moldova's pro-Russian breakaway region Transdniestria used Russian gas even after the Ukraine invasion, but plunged into an energy crisis earlier this year after Gazprom stopped deliveries. Romania's energy ministry said the contract with Moldova's Energocom amounted to less than 1% of Neptun Deep's estimated reserves. Neptun Deep is Romania's biggest energy project in almost two decades. It will double Romania's gas production and likely turn it into a net exporter, at a time when the EU is weaning itself off Russian gas. OMV Petrom, which is majority controlled by Austria's OMV ( opens new tab, will also supply Germany's Uniper with 15 terawatt hours of gas from Neptun Deep under a five-year deal. The company and Romgaz plan to sell the gas separately, but under Romanian law the government will have a pre-emptive first right to gas from the project under certain conditions.
Yahoo
21-04-2025
- Business
- Yahoo
Ameresco SUNEL Energy secures €303m EPC contracts for solar projects in Romania
Ameresco SUNEL Energy, a joint venture between Ameresco and SUNEL Group, has secured engineering, procurement and construction (EPC) contracts worth €303.4m ($345.7m) for three solar parks in southwestern Romania. These 466MWp solar projects, named Rovinari, Tismana 1, and Tismana 2, are being developed by a 50:50 partnership of OMV Petrom and CE Oltenia. They are part of Romania's efforts to enhance energy security and meet climate commitments by transitioning from coal-fired power generation. The country plans to phase out coal by 2032. OMV Petrom executive board member for gas and power Frank Neel said: "The signing of these contracts is a firm step in strengthening our position in the renewable power sector. We have been active in power generation since 2012, from the Brazi gas-fired power plant, which can cover around 10% of Romania's electricity production. 'Through our Strategy 2030, we aim to be a key player in Romania's energy transition, with the ambitious target of developing 2.5GW of capacity, including partnerships, from renewable sources – wind and solar. We have secured a solid project portfolio, currently in various stages of execution, which will contribute to building the energy system of the future.' Ameresco SUNEL will handle the design, procurement, construction, commissioning, operation, and maintenance of the solar projects. The projects will be developed on CE Oltenia-owned land in the Gorj and Dolj counties. Construction is expected to be completed within 18 months. The solar parks will feature more than 757,000 fixed-tilt solar modules, optimised for energy capture and efficiency. Once operational, they are expected to offset approximately 734,789 tonnes of CO₂ emissions annually, supporting the net-zero goals of Romania and Europe. Ameresco SUNEL Energy vice president Konstantinos Zygouras said: 'Romania's vast solar potential, combined with strategic investments in renewable energy, will position the country as a leader in Europe's clean energy transition. 'We are proud to partner with OMV Petrom CEO to drive this ambitious project forward, fostering economic growth while contributing to a more sustainable future.' A fourth project with a capacity of 90MW is also being developed by OMV Petrom and CE Oltenia. The EPC contract for the project was awarded to the Turkish company Girisim Elektrik. OMV Petrom and CE Oltenia are investing €400m in the four projects, of which 70% is financed through the European Union's Modernisation Fund. Ameresco SUNEL Energy is also involved in Lightsource bp's 560MWp ENIPEAS solar project in Greece, backed by the EU's NextGenerationEU fund. Located in Larissa and Fthiotida, Greece, the ENIPEAS project commenced construction in July last year and is scheduled for completion by summer 2026. "Ameresco SUNEL Energy secures €303m EPC contracts for solar projects in Romania" was originally created and published by Power 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
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."
