OMV Petrom enters next chapter of Romania’s energy security

OMV Petrom reaffirmed its long-term commitment to developing Romania’s energy resources, highlighting the company’s pivotal role in strengthening national and regional energy security. “OMV Petrom has been and remains an enduring partner for Romania in developing the country’s natural resources. The historical legacy of the oil and gas industry has long served the economy. Together with the Romanian state, we are now entering the next chapter for the energy sector, ensuring continuity and growing Romania’s regional presence,” said Christina Verchere, CEO of OMV Petrom. “In this next chapter, we will look to continue to explore and develop large-scale natural gas deepwater opportunities, while focusing on the continued exploration and development of the mature fields in Romania.”

This strategic direction is supported by strong progress across the company’s upstream portfolio:

1. Advancing the Neptun Deep Development
OMV Petrom and its partner Romgaz continue to advance the Neptun Deep project, representing investments of up to EUR 4 billion. The project remains on schedule for first gas in 2027. Key activities are underway to unlock an estimated ~100 bcm of recoverable resources. Drilling is currently ongoing in the Pelican South field to complete four production wells, with the rig expected to move to the Domino field by year-end to drill the remaining six deepwater wells.

2. Strengthening Deepwater Exploration
Building on ongoing offshore developments, OMV Petrom—acting as operator with Romgaz—has secured the Transocean Barents rig to begin new deepwater exploration immediately after Neptun Deep drilling activities. The Anaconda-1 well will be drilled at approximately 1,500 meters water depth, 200 km offshore Constanța, targeting a new prospect in the XIX Neptun Block. The well is expected to reach a total depth of nearly 3,800 meters, with planned costs of up to EUR 90 million. “This step is supported by the extension of the exploration license for the block,” noted Cristian Hubati, Executive Board Member for Exploration and Production.

3. Continuing Onshore Exploration Efforts
To further support Romania’s long-term energy needs, OMV Petrom continues to invest in onshore exploration, including seismic acquisition and drilling operations. These activities are enabled by the recent extension of exploration licenses across seven onshore blocks, supporting efforts to identify and develop additional domestic resources.

4. Progress Toward 15-Year License Extensions
OMV Petrom has initiated the process of extending its production licenses by 15 years, to 2043, in coordination with the National Regulatory Authority in the Field of Mining, Petroleum and Geological Storage of Carbon Dioxide. The company and the Romanian state have agreed on key legal and contractual principles that address longstanding issues essential for future upstream investments. These include adjustments to royalties and specific taxation to enhance fiscal stability and measures related to historical environmental and abandonment obligations.

Under the proposed framework, onshore royalties are expected to increase by 40%, alongside revisions to supplementary gas taxation designed to incentivize investment. Historical environmental and abandonment liabilities under Annex P of the privatization agreement—currently estimated at approximately EUR 600 million (long-term undiscounted)—are planned to be borne solely by OMV Petrom. The net impact of these measures will be communicated upon finalization of both legislative and contractual processes, expected in Q1 2026.