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Progress on Neptun Deep: the mobile offshore drilling unit arrived in Romania

  • Transocean Barents arrived in Constanța to prepare for the drilling operations for OMV Petrom and Romgaz
  • Drilling expected to start in 2025
  • Neptun Deep is on track for first gas in 2027

OMV Petrom, the largest integrated energy producer in Southeastern Europe, operator of the Neptun Deep project, announces that Transocean Barents, the semi-submersible mobile offshore drilling unit contracted for Neptun Deep, arrived in Constanța.

Christina Verchere, CEO OMV Petrom: “The arrival of the rig marks an important step in our journey to develop the first deep offshore gas project in Romania, together with our partner Romgaz. Neptun Deep is a strategic project for Romania and the EU. It will contribute to the country’s energy independence and economic growth. Our focus is on the safe and efficient completion of the project as we move towards first gas".

Transocean Barents safely reached Constanta after a voyage of 18 days: she departed from Cartagena, Spain at the end of October and passed under the Bosporus Strait bridges, which required the laydown of the derrick, a world first for Transocean and this type of rig.

Prior to her departure from Cartagena, the Transocean Barents underwent major structural modifications and upgrades to enable the tilting operation of the derrick. In total it took ~750,000 man-hours and 8 months to prepare the Transocean Barents for her voyage into the Black Sea.

Cristian Hubati, member of the OMV Petrom Executive Board, responsible for the Exploration and Production activities: “The rig underwent a complex preparation process. Essentially, the derrick which weighs around 220 tons was lowered on to the deck to allow passage under the bridges in the Bosporus Strait. The crew will now perform the reverse operation and prepare the equipment for drilling, so that we can start operations safely in 2025.”

The Neptun Deep project is developed by OMV Petrom and Romgaz (through its subsidiary Romgaz Black Sea Limited), with each company having a 50% participating interest in the project. The investments necessary for the development phase are overall up to 4 billion euro. The total production is estimated at around 100 billion cubic meters of natural gas. First gas is expected in 2027.

Following the investment decision in June 2023, execution agreements have been signed with major international companies: the drilling rig, Transocean Barents, was contracted for a minimum period of one and a half years with integrated drilling services to be provided by Halliburton Romania.

The infrastructure required for the development of the Domino and Pelican South commercial fields includes 10 wells, 3 subsea production systems and associated flow lines, one offshore platform, the main gas pipeline to Tuzla and a gas measurement station. The platform generates its own energy, operating at the highest standards of safety and environmental protection.

Following arrival in Romania, the drilling rig will undergo preparation works which include rigging up the derrick and installing drilling equipment for its upcoming drilling assignment: drilling the production wells for the Neptun Deep project.

Video with the derrick laydown here. More details about Neptun Deep project here.  

About OMV Petrom  

OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 41 million boe in 2023. 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 neighbouring countries through approximately 780 filling stations under two brands – OMV and Petrom.

OMV Petrom is a company in which, as of end-2023, Romanian shareholders hold over 43% of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7%, and 22.5% are owned by pension funds in Romania, to which are added almost 500,000 individual investors and other Romanian entities). OMV Aktiengesellschaft, one of the largest listed industrial companies in Austria, holds a 51.2% stake in OMV Petrom, and the remaining 5.6% are held by other foreign investors. Of the total shares of OMV Petrom, 28.1% represents the free float on the Bucharest Stock Exchange.

OMV Petrom is one of the largest contributors to the state budget, with approximately 42 billion euro in taxes and dividends paid between 2005 and 2023. During the same period, the company invested approximately 18 billion euro.

Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2023, the company has allocated around 160 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development.

On July 29th, 2020, OMV Petrom announced its support for the recommendations issued by the Task Force on Climate-related Financial Disclosures (TCFD) regarding risks and opportunities on climate change. OMV Petrom annually reports on the progress made in implementing these recommendations.

About ROMGAZ

S.N.G.N. ROMGAZ S.A. is the largest natural gas producer and the main supplier in Romania. The company is listed on Bucharest Stock Exchange. The majority shareholder is the Romanian State owning a 70% stake. The company has a vast experience in the field of gas exploration and production, with a history that began in 1909 and spans more than 100 years. ROMGAZ undertakes geological exploration with the aim of discovering new gas reserves, produces methane by exploiting the reservoirs included in the company’s portfolio and stores natural gas in underground storages; it performs well interventions, workover and special operations, and ensures technological transportation professional services. In 2013, ROMGAZ extended its scope of work by taking over Iernut thermoelectric power plant, becoming electricity producer and supplier. On August 1, 2022, Romgaz became sole shareholder of ROMGAZ BLACK SEA LIMITED (established ExxonMobil Exploration and Production Romania Limited), following the completion of the sale transaction, and the transfer of all issued shares (representing 100% of the share capital of) ExxonMobil Exploration and Production Romania Limited, which holds 50% of the acquired rights and obligations under the Petroleum Concession Agreement for the Deep Water Zone of XIX Neptun offshore block located in the Black Sea.