OMV Petrom Strengthens Long-Term Romanian Resource Strategy with Neptun Deep and Anaconda-1 Drilling Plans
(IN BRIEF) OMV Petrom confirms that the Neptun Deep Black Sea gas development with Romgaz is progressing on schedule, with first gas expected in 2027 and investments estimated at up to EUR 4 billion. As development drilling continues, the company will move forward with the deepwater Anaconda-1 exploration well, planned at 1,500 m water depth and costing up to EUR 90 million. Onshore exploration remains active across seven licensed blocks, while OMV Petrom has also agreed a framework with Romanian authorities for extending production licenses by 15 years to 2043, including royalty increases and future responsibility for historical environmental liabilities of approximately EUR 600 million. CEO Christina Verchere highlighted the company’s commitment to Romania’s energy future, while Executive Board member Cristian Hubati noted the opportunity for expanding deepwater natural gas potential. OMV Petrom remains Romania’s largest energy investor and supplier, providing one-third of national gas and fuel, and up to 10% of local power generation.
(PRESS RELEASE) VIENNA, 10-Dec-2025 — /EuropaWire/ — OMV Petrom reports steady progress across its oil and gas portfolio, confirming that the Neptun Deep development remains on schedule with first gas expected in 2027. The deepwater Black Sea project, operated alongside Romgaz, represents one of the most significant natural gas developments in the region, with total investments estimated at up to EUR 4 billion. Drilling activities are advancing in the Pelican South field, with four production wells underway, after which the drilling rig will relocate to the Domino field to complete an additional six deepwater wells.
The company’s longer-term energy strategy builds around expanding Romania’s resource base. Following Neptun Deep development drilling, deepwater exploration will continue with the Anaconda-1 well, located approximately 200 km offshore Constanța in ~1,500 m water depth within the XIX Neptun Block. The well is expected to reach nearly 3,800 m total depth, backed by an investment of up to EUR 90 million and supported by the extension of the exploration license.
OMV Petrom also highlights ongoing onshore exploration operations aimed at securing additional domestic resources. Seismic studies and new drilling programs are being deployed across seven blocks with recently extended exploration terms.
A further milestone includes the agreed principles for the 15-year extension of production licenses, which would run until 2043. In collaboration with Romania’s regulatory authorities, the company has outlined a framework covering fiscal terms, royalty adjustments and clarification of historic environmental and abandonment responsibilities. Planned royalty increases of roughly 40% and taxation adjustments intend to stimulate long-term investment. OMV Petrom expects to shoulder legacy decommissioning and environmental liabilities estimated at approximately EUR 600 million. Final legislative and contractual details are anticipated in Q1 2026.
CEO Christina Verchere emphasized that the company remains committed to Romania’s energy future, noting OMV Petrom’s role in enabling supply security, development of mature fields and expansion of offshore natural gas resources. Board member Cristian Hubati reaffirmed the company’s intention to pursue high-impact offshore opportunities through Anaconda-1 and beyond.
With EUR 20 billion invested over the past two decades, OMV Petrom remains Romania’s largest energy investor and taxpayer. The company currently supplies around one-third of national gas and fuel demand, along with up to 10% of domestically-generated power — reinforcing its central role in the country’s energy landscape.
OMV Petrom is the largest integrated energy producer in Southeastern Europe, with an annual Group hydrocarbon production of approximately 40 million boe in 2024. 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-2024, Romanian shareholders hold over 44 percent of the shares (of which the Romanian state, through the Ministry of Energy, holds 20.7 percent and 23.7 percent 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 percent stake in OMV Petrom, and the remaining 4.5 percent are held by other foreign investors. Of the total shares of OMV Petrom, 28.1 percent represents the free float on the Bucharest Stock Exchange.
OMV Petrom is one of the largest contributors to the state budget, with around 44 billion euro in taxes and dividends paid between 2005 and 2024. During the same period, the company invested approximately 20 billion euro.
Since 2007, OMV Petrom has included corporate responsibility principles into its business strategy. Between 2007 and 2024, the company has allocated around 190 million euro to develop communities in Romania, focusing on environmental protection, education, health, and local development. Our commitment to climate change mitigation is reflected by our consistent efforts to reduce our emissions, with the long-term goal to achieve net zero operations by 2050.
OMV Petrom Media Relations
Tel. +4 021 40 22201
press.office@petrom.com
———-
First published in this link of EuropaWIRE.
