Page 15 - EurOil Week 11 2021

EurOil PROJECTS & COMPANIES EurOil

OMV Petrom signs contract to

explore in Georgian Black Sea

ROMANIA ROMANIAN oil and gas company OMV experience of over 40 years in the Romanian
Petrom (SNP), part of the Austrian group OMV, offshore area, we have a competitive advantage
OMV Petrom won a has announced in a statement that it has signed in evaluating the opportunities of this basin,”
tender for the licence in a production sharing contract (PSC) for off- Verchere said.
June 2020. shore Block II in the exclusive economic zone of “The entry of such a large and reputable,
Georgian Black Sea territory with Georgia’s State strong company into Georgia right now, when
Agency of Oil and Gas. our economy is experiencing challenges caused
In June 2020, OMV Petrom won an interna- by the COVID-19 pandemic, is a very impor-
tional tender organised by Georgia’s Ministry of tant message to foreign investors in general. The
Economy and Sustainable Development for the main thing that led to this company’s entry in
offshore acreage. Georgia is our openness, the best business envi-
The PSC provides for the exploration, ronment, political and macroeconomic stability,
development, and production of hydrocarbon including the fact that our government is com-
resources in offshore Block II, which covers a mitted to the course of European reforms,” said
total area of 5,282 square kilometres with water Georgian economy minister Natia Turnava.
depths of between 400 metres and 2,000 metres. As the operator, OMV Petrom will establish a
OMV Petrom CEO Christina Verchere company in Georgia, proceed with geoscientific
expressed confidence in the Black Sea block’s and environmental studies in 2021, and prepare
potential and her company’s operational experi- a large offshore 3D seismic campaign in 2022,
ence that would be devoted to the area. which will allow for a detailed evaluation of this
“We take an important step in the eastern part block’s potential.
of the Black Sea, in line with our strategy of look- OMV Petrom also owns 50% of the Neptun
ing for opportunities in the Black Sea region. We Deep offshore gas project in Romania’s Black Sea
believe that the Black Sea has a high potential section and a minority stake in a similar project
for the upstream sector. With our operating in the Bulgarian section. ™

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