Neptun Deep - FDP endorsement by NAMR

OMV Petrom S.A.

03 August 2023

 

OMV Petrom S.A.

Ad hoc report

In compliance with Law no. 24/2017 on issuers of financial instruments and market operations (republished) and Financial Supervisory Authority's Regulation no. 5/2018 on issuers of financial instruments and market operations

Date of report: 3 August 2023

Name of issuer: OMV Petrom S.A.

Headquarters: Bucharest, 22 Coralilor Street, District 1, ("Petrom City")

Telephone/fax number: [phone]/ [phone]

Sole registration number at the Trade Register Office: 1590082

Fiscal attribute: RO

Trade Register Number: J 40/8302/1997

Share capital: RON 6,231,166,705.80

Regulated market on which the issued securities are traded: Bucharest Stock Exchange and London Stock Exchange

Significant event to be reported:

National Agency for Mineral Resources has endorsed the Development Plan for the Domino and Pelican South commercial natural gas fields in the Neptun Deep offshore block

OMV Petrom SA announces that the National Agency for Mineral Resources has today endorsed the Development Plan for the Domino and Pelican South natural gas commercial fields, as it was submitted by OMV Petrom, together with its partner Romgaz (through its subsidiary Romgaz Black Sea Limited).

Consequently, the Neptun Deep project enters the development phase, which includes the execution of drilling activities and construction of the infrastructure necessary for the extraction of natural gas, with the first production estimated for 2027.

OMV Petrom is the operator of the project, with a 50% participating interest. The infrastructure required for the development of the Domino and Pelican South offshore natural gas commercial fields includes ten wells, three subsea production systems and associated flow lines, one offshore platform, the main natural gas pipeline to a natural gas metering station near Tuzla. The platform generates its own energy, operating at the highest standards of safety and environmental protection. The offshore platform, wells and the fields will be operated remotely, through a digital twin. This allows for process optimization and will contribute to the improvement of our environmental performance, by making energy consumption more efficient and minimizing emissions.

About Neptun Deep

The Neptun Deep block in the Black Sea has an area of 7,500 square km and is located about 160 km far from the shore, in water depths between 100 and 1,000 meters in the development area. Since 2008, the exploration activities in the Neptun Deep block have included two 3D seismic acquisition campaigns and two exploration drilling programs. The first natural gas discovery was made in 2012. The total exploration and appraisal expenses to date amount to more than EUR 1.5 bn.

Christina Verchere                                                                     Cristian Hubati

Chief Executive Officer                                                                Member of the Executive Board

President of the Executive Board                                                Exploration and Production

 

END