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OMV Petrom secured over 80% of the execution agreements required for Neptun Deep

OMV Petrom, the largest integrated energy company in Southeastern Europe, has continued to make significant progress in implementing the Neptun Deep project. The company has signed an agreement with an estimated value of 325 million euros for the semi-submersible drilling rig Transocean Barents for a minimum period of one and a half years. Moreover, a contract of approximately 140 million euros was signed with Halliburton Romania for integrated drilling services. These are in addition to the previously announced 1.6 billion euros contract with Saipem for the offshore facilities, as well as other smaller contracts.

“With the award of the drilling rig and integrated drilling services agreements, OMV Petrom has now secured more than 80 per cent of the execution agreements required to deliver the Neptun Deep project,” said Christina Verchere, OMV Petrom CEO. “We are working with reputed international contractors and suppliers, who have the skills and experience to deliver this complex project. We also count on the experience of our local suppliers, who have specific knowledge of the Romanian environment so that we get the best possible outcome for the Neptun Deep project. Our most important objective is to start production safely and on budget in 2027, together with our partner Romgaz and to support Romania in its transition to become the largest natural gas producer in the EU.”

The agreement for the sixth-generation semi-submersible drilling rig includes crew and associated services, products, equipment and materials. The Transocean Barents is a state-of-the-art drilling rig with a Class 3 dynamic positioning system, anchors and dual RAM Rigs, meaning it can work efficiently at both our shallow and deepwater locations. Mobilisation to the Black Sea is scheduled to commence towards the end of 2024, with drilling activities planned for 2025. In total, 10 wells are to be drilled.

Halliburton Energy Services Romania together with Newpark Drilling Fluids Eastern Europe will provide integrated drilling services. Halliburton’s international and local experience in Romania will be deployed on a wide range of services such as cementing, directional drilling and well completions.

With these latest commitments, OMV Petrom and ROMGAZ are on track to safely deliver the first gas from Neptun Deep in 2027 and the project remains within the up to 4 billion euros guidance for total investment.

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