OMV optimistic on approving billion euro investment in Romania soon [Reuters]
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Source: Reuters
OMV optimistic on approving billion euro investment in Romania soon | Reuters 2 Min Read VIENNA (Reuters) - Austria’s OMV is confident Romania will establish an acceptable framework for its Black Sea exploration project in the autumn and that it will be able to give the green light for a billion euro investment soon after, its upstream chief said. The exploration of the Black Sea Neptun block is a joint venture between OMV’s Romanian subsidiary Petrom and U.S. major ExxonMobil and includes the first deep-water exploration well in Romanian waters. In 2012, the firms said they had discovered 1.5-3 trillion cubic feet (42-84 billion cubic meters (bcm) of gas reserves at the ExxonMobil operated Domino-1 well, located around 170 km offshore. OMV needs reliable framework conditions regarding taxes and royalties before it can give the final nod on such a major investment, Johann Pleininger told Reuters in an interview. “It would be a billion euro investment.” OMV also needs the guarantee tha
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