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Romania urges OMV Petrom to submit overdue

documents on Neptun Deep project

ROMANIA ROMANIA’S agency for mineral resources The document should have been prepared
(ANRM) has asked OMV Petrom, the operator based on the mineral resources agency ANRM’s
Bucharest has asked of the Neptun Deep offshore project, to submit order 101/1997, Romgaz argued in its letter –
the company to submit the complete documentation for the Declaration also citing the opinion of ExxonMobil, the for-
documentation for of Commerciality (DoC) regarding the depos- mer operator of the Neptun Deep project, a role
the declaration of its covered by the project, CursDeGuvernare.ro taken over by OMV Petrom after ExxonMobil
commerciality for the reported on January 4, quoting sources within sold its 50% stake to Romgaz.
project. the government, familiar with the developments. In case ANMR requests the said document
OMV Petrom should submit the documents (under order 101/1997), OMV Petrom should
within six weeks, or the concession contract can complete it (and not outsource it) based on exist-
be terminated, according to the publication. The ing studies and send it to authorities as soon as
DoC submitted on December 13, a couple of possible, Romgaz recommended.
weeks before the December 31 deadline, does OMV Petrom has submitted the DoC already
not include the evaluation study of geological (after it received an extension of the deadline),
resources and reserves for Domino and Pelican yet is saying that a so-called Financial Invest-
Sud, the two deposits covered by the project, the ment Decision (FID) would be taken sometime
sources reportedly explained. in H1 next year. But Romanian legislation does
Reportedly, the evaluation study should not include such an FID, which is a mere internal
detail the size of the reserves and the planned procedure of the company, Romgaz argued.
calendar of production – a detail OMV Petrom According to Romgaz, the initial draft of the
keeps postponing while expecting better regula- DoC proposed by the former operator (Exxon-
tory terms from the authorities. Mobil) and sent to the current operator (OMV
The DoC is the indispensable stage for start- Petrom) “was made taking into account the
ing investments, and failure to submit it may fact that the provisions of the concession agree-
result in the withdrawal of the operating license ment should be regarded in the context of the
for the perimeter. Romanian legislation in force (ANRM’s order
Romanian state-controlled natural gas com- 101/1997)” – meaning it included the document
pany Romgaz also argues OMV Petrom should detailing the resources, the calendar of invest-
have already set the calendar for Neptun Deep. ments and production.
Romgaz, the junior partner in the 50:50 joint The document mentioned by Romgaz is a
venture with OMV Petrom for Neptun Deep off- technical and economic study for the assess-
shore project, reportedly argued that its partner ment of resources and reserves and should
should have already submitted to authorities, include: concrete start dates for investments;
along with the DoC, a document (most likely the clear production and economic profiles related
evaluation study requested by ANRM) detailing to deposits declared commercial; geological
the existing resources and the calendar of the maps executed in accordance with the require-
investments and production. A letter originat- ments of the legislation; all data missing from
ing from Romgaz on this topic was published by the studies submitted as annexes (necessary
the government and published by Profit.ro on for ANRM in order to confirm resources and
December 29, but it was quickly withdrawn. reserves). ™

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