Over 80% of Execution Agreements for Neptun Deep Project Awarded

OMV Petrom has continued to make significant progress in implementing Neptun Deep project. The company has signed an agreement with an estimated value of EUR 325 million for the semi-submersible drilling rig Transocean Barents for a minimum period of one and a half years. Moreover, a contract of approximately EUR 140 million was signed with Halliburton Romania for integrated drilling services. These are in addition to the previously announced EUR 1.6 billion contract with Saipem for the offshore facilities, as well as other smaller contracts.

The agreement for the sixth-generation semi-submersible drilling rig includes crew and associated services, products, equipment, and materials. The Transocean Barents is a state-of-the-art drilling rig with a Class 3 dynamic positioning system, anchors, and dual RAM Rigs, meaning it can work efficiently at both OMVPetrom’s shallow and deepwater locations. Mobilization to the Black Sea is scheduled to commence towards the end of 2024, with drilling activities planned in 2025. In total, 10 wells are to be drilled.

Halliburton Energy Services Romania together with Newpark Drilling Fluids Eastern Europe will provide integrated drilling services. Halliburton’s international and local experience in Romania will be deployed on a wide range of services such as cementing, directional drilling and well completions.

With these latest commitments, OMV Petrom and Romgaz are on track to safely deliver the first gas from Neptun Deep in 2027 and the project remains within the up to EUR 4 billion guidance for total investment.