Austria’s OMV Targets 2027 Start for Gas Output at Neptun Deep Project

Austrian oil and gas company OMV announced on Wednesday that gas production in the Black Sea is expected to begin in 2027, as a component of its Neptun Deep initiative. "The company stated that drilling for the initial ten wells began in March and is expected to last two to three months." Neptun Deep, an initiative where OMV's Romanian branch, OMV Petrom and state-owned gas producer Romgaz have committed a collective investment of 4 billion euros ($4.55 billion), is anticipated to produce approximately 8 billion cubic meters of gas each year.

Neptun Deep is believed to contain around 100 billion cubic meters (bcm) of extractable gas, positioning it as one of the EU's most important natural gas reserves. When it becomes operational, Romania will be the biggest gas producer in the EU and will export gas net for the first time. OMV fell short of forecasts for its adjusted operating outcome in the first quarter on Wednesday, attributing it to reduced input from its Fuels & Feedstock and Energy sectors.

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The firm based in Vienna disclosed an operating outcome of 1.16 billion euros for the first quarter, which was 5.7 per cent below analyst predictions derived from a company-supplied consensus. A clean operating outcome relies on the present cost of supply and omits non-recurring items as well as temporary gains and losses from energy stock holdings. Earlier this month, OMV noted decreased sales volumes in its energy sector resulting from the divestment of SapuraOMV, increased liftings in Norway, and a catch-up impact in Libya.

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