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Ukrainian Naftogaz signed a MoU with Romanian OMV Petrom

The 2 companies to cooperate on joint exploration & production projects in promising areas in the Ukrainian part of the Black Sea.

Ukrainian Naftogaz signed a MoU with Romanian OMV Petrom

Kiev, February 17 - Neftegaz.RU. Naftogaz of Ukraine and Romania’s OMV Petrom have signed a memorandum of cooperation on gas exploration & production in Ukraine.
The companies will start analysing opportunities for cooperation in the prospective offshore blocks in the Ukrainian Black Sea.

According to the government's resolution, Naftogaz has already applied for 36 special permits for the exploration of these blocks.

Otto Waterlander, Chief Operating Officer of Naftogaz, said:
  • With the award of substantial license potential in the offshore Black Sea, Yuzivska and remaining potential in West Ukraine, Naftogaz now is accelerating its investment plans
  • Attracting international investors is an important contributor to achieve gas independence for Ukraine by 2030
  • We believe OMV Petrom is a valuable and reputable partner who brings investment capacity, expertise and relevant experience in the region
  • The company discovered Neptun field in the Black Sea, has experience in offshore drilling and has a proven record of successfully exploiting the onshore resources of the Carpathian region in Romania, which share a common geological history with the Carpathian region in Ukraine
It's worth mentioning that in November 2020, the Ukraininan Cabinet of Ministers granted Naftogaz a permit for the pilot industrial development of gas-bearing subsoil on the Black Sea shelf for a period of 30 years.

OMV Petrom decided last year to shift the focus of its international Upstream business to the Black Sea.
The company already made important steps for expanding its offshore presence in the Black Sea, by entering Bulgaria and by winning an international tender in Georgia.

Christopher Veit, OMV Petrom Executive Board, responsible for Upstream, noted:
  • Our strategy is to expand our activities in the Black Sea region
  • Ukraine is a natural step for assessing opportunities in the area, as the country hosts one of the largest potentials for gas production in Europe
  • We are pleased to start exploring ways of working together with Naftogaz and are focused on efficient, mutually beneficial cooperation to advance some of these opportunities
Naftogaz is one of the major players in the Central and Eastern Europe gas market.
In 2020, Naftogaz produced 13.45 bcm of commercial gas.
This is 73% of all natural gas production in Ukraine.

Romania´s OMV Petrom is the largest integrated energy company in South-Eastern Europe, with an annual Group hydrocarbon production of 53 million boe in 2020.
The Group has a refining capacity of 4.5 million tons annually and operates an 860 MW high efficiency power plant.

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