An international agreement has been reached to explore the Black Sea gas fields


According to the Romanian news agency Agerpres, the parties have signed a memorandum aimed at exploring and then extracting common gas fields. Last year, Naftohaz received permission to carry out test drilling in the Yuzivska gas field in the Ukrainian part of the Black Sea, looking for international partners to search for and extract the gas there, as Ukraine aims to gain independence from Russia in terms of gas supply by 2030.

Otto Waterlander, CEO of Naftohaz, said OMV Petrom is a valuable partner that can add extra experience, expertise and investment capacity to the project. He recalled that OMV Petrom had already gained experience in test drilling in the Black Sea gas field called Neptun in Romania.

OMV Petrom’s management said the expansion in Ukraine was a natural step in the Black Sea region, as new investment opportunities were sought in Bulgaria and Georgia last year.

OMV Petrom also owns a concession agreement in the Romanian territorial waters of the Black Sea in a 50-50 percent split with U.S. ExxonMobil, but the U.S. partner wants to exit the investment. Extraction is delayed for the time being because the Romanian authorities have not established investor-friendly conditions. The majority shareholder of OMV Petrom is the Austrian oil company OMV.

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Source: Portfolio.hu – √úzlet by www.portfolio.hu.

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