Image: VOLKER Weihbold
OMV has finally given the green light for the long-delayed Neptun Deep natural gas production project in the Black Sea. The costs for developing the huge gas field off the coast of Romania amount to around four billion euros, according to the partially state-owned listed company on Wednesday. The expenses, which would mainly be incurred between 2024 and 2026, are shared with the partner, the Romanian state Romgaz.
The Romanian OMV subsidiary Petrom estimates the potential of the gas field at around 100 billion cubic meters of natural gas. For comparison: in 2022 the natural gas production of OMV Petrom was 3.45 billion m3. The first gas from the deep-sea project is expected in 2027. The project still has to be approved by the Romanian authorities for natural resources.
“Thanks to Neptun Deep, Romania will become the largest natural gas producer in the EU and a reliable and secure source of energy for the region,” said OMV CEO Alfred Stern. OMV Petrom expects the project to increase the company’s operating profit (EBIT) by half in 2030.
Criticism came from Greenpeace and Attac. The project would threaten biodiversity in the Black Sea and fuel the climate crisis, Greenpeace said. “While the climate crisis is escalating, OMV is investing billions in a fossil crime that will cause at least as many greenhouse gases as all of Austria will in two and a half years,” says Greenpeace climate expert Marc Dengler.
When asked, OMV replied: “OMV sees natural gas as the key to a successful energy transition. Gas serves as a bridging technology and is indispensable for the energy transition.”
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